In a seed funding round held recently, manufacturing and automation start-up Groyyo has raised US$4.6 Million. The funding was procured from a group of investors led by Alpha Wave Incubation and included investors such as Sparrow Capital and famous venture-debt firm Stride Ventures.
Founded by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay in July 2021, Groyyo has worked extensively with over 200 manufacturers dabbling into multiple sectors. Its real-time production software digitalizes partner facilities by allowing tracking of production and intelligent inputs to improve the same.
Along with providing the aforementioned services, Groyyo also specializes in connecting manufacturers across nations and within the country as well. Currently, the start-up is considering a few points to focus on such as increasing efficiency for its factory partners, estimating a boost of 15% in revenue and 20% in profitability.
Subin Mitra, one of the co-founders of Groyyo said that the small manufacturers shall dominate global sourcing in the near future due to several factors such as the rise of D2C players and a pressing need for transparency, compliant and quality manufacturers who can cater to low minimum order sizes. With the capital generated via the latest funding round, the company intends to use the funds to assist in expanding its team throughout key manufacturing markets such as South Asia as well as strengthen its presence in the United States and the Middle East.
