B2B manufacturing startup Groyyo said it has raised $4.6 million in a round of funding led by Alpha Wave Incubation (AWI).
Groyyo was founded in July 2021 and has been working with MSMEs across South Asia.
The company said it has empowered more than 200 manufacturers across South Asia by maximising their potential within six months of inception and the latest funding will help build its teams
across key manufacturing clusters in South Asia along with expanding its presence across the US and the Middle-East.
Groyyo also said that it has dedicated to driving growth creating opportunities for smaller players via its factory-first monetisation model.
"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.
The funding round also saw participation by investors such as 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.
"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).
