Groyyo Secures Rs 40 Cr Funding for Global Expansion

Mumbai Jan 18(PTI) Manufacturing and automation startup Groyyo said on Thursday it has secured Rs 40 crore (USD 5.4 million) from global investment institutions Lighthouse Canton and Trifecta Capital in a debt funding round, which it concluded recently.

This financing also includes a USD facility provided by Lighthouse Canton to help Groyyo scale its operations in UAE, the Gurugram-based platform said in a statement.

Earlier in 2022, the company had secured USD 40 million in a debt-equity combination in its Series A funding round led by Tiger Global, with participation from institutional investors and some individuals.

The additional capital will help fortify Groyyo's financial reserves to reinforce its strategic initiatives in revolutionising the manufacturing sector, it said.

Founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo claims to be a pioneer in democratising global supply chains for brands and MSMEs, hosting the largest MSME capacity pool in the lifestyle sector outside China.

"The infusion of additional capital will empower us to partner with a broader spectrum of SMEs and help them take their business global," said Subin Mitra, co-founder and CEO of Groyyo.

The company consolidates manufacturing micro, small, and medium Enterprises (MSMEs) onto a unified platform, helping them to expand and enhance their business ventures, it said.

Groyyo's mission statement has been to enhance growth and efficiency within the apparel and textile manufacturing industry, the statement said.