In a recent financing milestone, Groyyo, a pioneering automation platform focused on manufacturers, has successfully raised $5.4 million through a strategic debt round involving key investors Lighthouse Canton and Trifecta Capital. Notably, this funding initiative also incorporates a fund facility from Lighthouse Canton to facilitate Groyyo’s operational expansion in the United Arab Emirates.
The injection of additional capital is earmarked to fortify Groyyo’s financial foundation, providing impetus for implementing strategic plans within the manufacturing sector, as detailed in the company’s official statement.
Established in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo operates as a supply chain enablement platform specializing in digitising small and medium manufacturing businesses. Its core mission is to seamlessly connect national and international clients’ demand and supply dynamics.
According to the company, Groyyo has successfully onboarded over 100 brands, forging partnerships with more than 350 factories. The latest funding round is a testament to the growing significance of Groyyo’s role in the digitization of manufacturing processes.
In June 2022, Groyyo achieved a significant funding milestone by securing $40 million in Series A funding, comprising a mix of debt and equity. Tiger Global led the round, with notable participation from Alpha Wave, Stride Ventures, and Sparrow Capital.
Groyyo’s impact extends beyond the borders of its Gurugram headquarters, with the platform actively implementing its technology-driven solutions in factories in the UAE, Bangladesh, Vietnam, and Turkey. The company’s interventions have resulted in marked improvements in operational efficiency. Furthermore, Groyyo has successfully expanded its global footprint by catering to renowned retailers such as Inditex, Next, Mango, Ross, and Burlington.
The recent infusion of $5.4 million in debt funding positions Groyyo favourably for its ambitious growth trajectory, offering a robust foundation for the continued digitization and optimization of manufacturing processes on a global scale.
