Groyyo, a B2B manufacturing startup, announced on Monday that it has raised $4.6 million in a seed round led by Alpha Wave Incubation (AWI).
Groyyo, which was founded in July 2021, has been working with MSMEs throughout South Asia.
Within six months of its inception, the company claimed to have empowered more than 200 manufacturers across South Asia by maximising their potential.
The latest funding, it added, will help it build teams across key manufacturing clusters in South Asia, as well as expand its presence in the United States and the Middle East.
“With the rise and dominance of D2C brands, there is a pressing need for transparent, compliant, quality manufacturers who can cater to low minimum order sizes, fast turnaround times, and price competitiveness,” said Subin Mitra, Co-Founder, Groyyo.
Deepak Jain (Partner & Manufacturing Lead, Bain & Co), Arpan Seth (Partner & Global PE Lead – Bain & Co), OYO Group’s Global Chief Strategy Officer Maninder Gulati, and Bombay Chamber of Commerce Chairperson Anjali Bansal all participated in the funding round.
Groyyo stated that it is committed to driving growth and providing opportunities for smaller players through its factory-first monetisation model.
“We believe product sourcing is a global challenge with massive opportunities across both demand and supply. We really liked the supply first approach adopted by Groyyo,” said Anirudh Singh, Managing Director, Alpha Wave Incubation (AWI).
AWI is backed by DisruptAD, ADQ’s venture platform, and managed by Falcon Edge Capital.
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