Roehl Niño Bautista · · 1 min readTiger Global leads Indian B2B platform’s $40m raise
India-based Groyyo, a B2B platform for manufacturing players, has raised US$40 million in debt and equity in a series A round led by Tiger Global.
The round saw participation from Alpha Wave Global, with Blacksoil and Capsave Finance serving as debt partner.
Groyyo team / Photo credit Groyyo on Instagram
Groyyo links brands, garment manufacturers, and raw material suppliers on its platform while helping them digitize operations such as order tracking and procurement through its app.
The company was founded in 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay. The fresh raise will fund the firm’s plans to expand in India, Bangladesh, the US, and the EU.
“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.
Groyyo claims that the SME manufacturing industry is worth US$120 billion and is expected to grow 5x by 2025.
See also: A list of India’s unicorns and their early investors
Other investors in the round include:
- Sparrow Capital
- Stride Ventures
- Bahram Vakil (founder and senior partner at AZB & Partners)
- Vineet Gautam (CEO at Bestseller India)
Editing by Miguel Cordon and Joy Tirkey
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