Groyyo, a B2B platform for manufacturing players based in India, has raised US $40 million in a Series A round led by Tiger Global.
Alpha Wave Global was a participant in the round, with loan partners Blacksoil and Capsave Finance.
Groyyo’s network connects brands, clothing manufacturers, and raw material suppliers, while its app helps them automate procedures like order monitoring and procurement.
Subin Mitra, Pratik Tiwari, and Ridam Upadhyay founded the company in 2021. The new funding will go toward the company’s expansion objectives in India, Bangladesh, the United States, and the European Union.
“The SME Manufacturing ecosystem in the fashion and lifestyle segments across South Asia is extremely disaggregated yet at a tipping point,” said Mitra, adding that they’re eyeing to team up with 20 million SMEs.
The SME manufacturing industry, according to Groyyo, is worth US$120 billion and is expected to grow fivefold by 2025.
