Gabriel Budi Sutrisno · · 1 min readGroyyo secures $5.4m in debt financing to boost manufacturing automation
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Groyyo, an India-based B2B platform for manufacturing companies, has secured US$5.4 million in debt financing from Lighthouse Canton and Trifecta Capital.
With the new funds, Groyyo aims to partner with more SMEs before facilitating their global expansion.
The company said it has also received a facility from Lighthouse Canton, which will go towards operational expansion in the United Arab Emirates.
Founded in 2021, Groyyo’s automation platform connects small businesses with manufacturing solutions and helps them grow. Its services are also available in Bangladesh, Vietnam, and Turkey.
According to the company, it has onboarded more than 360 factories that cover over 150 product categories.
Co-founder and CEO Subin Mitra noted that Groyyo’s mission, especially for the apparel and textile manufacturing industry, is in line with the government’s “Make in India” initiative. Under this initiative, the country aims to attract investment and boost skills development to bolster its manufacturing infrastructure.
In June 2022, the company raised US$40 million in a debt-equity series A round led by Tiger Global.
In October 2023, Groyyo was reportedly shutting down its raw material trading business, which was launched in early 2022, due to extremely low margins.
See also: Ula, Udaan’s struggles cast shadow on B2B ecommerce’s future
Editing by Miguel Cordon and Eileen C. Ang
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