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Groyyo, an industry automation platform, recently raised ₹40 crore from global investment institution Lighthouse Canton and venture financing platform Trifecta Capital. The financing includes a USD facility provided by Lighthouse Canton to help Groyyo scale its operations in the UAE.
- Also read: Cleantech INDRA raises $4 m series A funding from Mela Ventures and Emerald Technology Ventures
The additional capital will help in fortifying Groyyo’s financial reserves, to reinforce its strategic initiatives in revolutionising the manufacturing sector. Groyyo consolidates millions of manufacturing Micro, Small, and Medium Enterprises (MSMEs) onto a unified platform, empowering them to expand and enhance their business ventures.
Subin Mitra, co-founder, and CEO, Groyyo, said the infusion of additional capital will empower the company to partner with a broader spectrum of SMEs and help them take their business global.
The company intends to enhance efficiency in the apparel and textile manufacturing industry. The capital infusion will further fuel company’s goal to empower SME manufacturers across South Asia to take their business global and digitise their shop-floor through the company’s in-house technology solutions.
Founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo has enlisted over 360 factories producing a diverse range of products spanning across 150 categories for over 110 brands across 9 countries worldwide.
It has also propelled technology-driven solutions in factories across UAE, Bangladesh, Vietnam, and Turkey, resulting in increased efficiency. Ankit Agrawal, Director - Venture Debt, Lighthouse Canton said the company is among few institutions that are capable of providing rupee and dollar financing to Indian start-ups with global ambitions.
In 2022, the company had secured $40 million in a debt-equity combination in its Series A funding round. This round was led by Tiger Global, with participation from Alpha Wave, Sparrow Capital, Stride Ventures and individuals like Vineet Gautam, CEO, Bestseller India and Bahram Vakil, Co-Founder, AZB & Partners.
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