Posted by Mumbai – Delhi NCR: Industry automation platform Groyyo has secured $5.4 million (Rs 40 crore) from Lighthouse Canton and Trifecta Capital in a debt funding round concluded recently.
The additional capital will help in fortifying Groyyo’s financial reserves, to reinforce its strategic initiatives in the manufacturing sector. This financing also includes a USD facility provided by Lighthouse Canton to help Groyyo scale its operations in the UAE.
Capital infusion
“The infusion of additional capital will empower us to partner with a broader spectrum of SMEs and help them take their business global,” said Subin Mitra, Co-Founder and CEO of Groyyo.
“Groyyo’s mission statement has been to enhance growth and efficiency within the apparel and textile manufacturing industry. This infusion of incremental capital will enable us to further fuel our goal of empowering SME manufacturers across South Asia to take their business global and digitise their shop-floor through our in-house technology solutions,” added Mitra.
Technology to overlook small-scale factories
Founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo was established to introduce initial-level technology to overlook small-scale factories in Gurgaon through an order management application.
Presently, the startup has successfully enlisted over 360 factories producing a diverse range of products spanning more than 150 categories for more than 110 brands across 9 plus countries worldwide.
It has also propelled technology-driven solutions in factories across UAE, Bangladesh, Vietnam, and Turkey, resulting in increased efficiency. Moreover, it has expanded its reach to global retailers like Inditex, Next, Mango, Ross and Burlington.
Groyyo is the largest manufacturing-tech player in the lifestyle sector in India known for its ground-breaking approach to empowering small-scale factories through technology, according to Ankit Agrawal, Director – Venture Debt, Lighthouse Canton.
“We have been monitoring their progress and the team has demonstrated strong resilience and execution capabilities in a challenging macro environment,” said Agrawal.
“Lighthouse Canton today is the only institution capable of providing INR and USD financing to Indian startups with global ambitions and we hope our partnership will help in Groyyo’s mission to reshape manufacturing and democratize supply chains across key apparel hubs in the world,” added Agrawal.
“Trifecta Capital is excited to collaborate with Groyyo through our Venture Debt Fund, recognising its disruptive potential in transforming manufacturing through innovative technology,” a Trifecta Capital spokesperson said. It has products spanning growth equity, credit, financial advisory and combined assets under management of over $600 million.
In 2022, the startup secured $40 million in a debt-equity combination in its Series A funding round. Tiger Global led this round with participation from institutional investors such as Alpha Wave, Sparrow Capital, Stride Ventures and individuals like Vineet Gautam, CEO of Bestseller India and Bahram Vakil, Co-Founder of AZB & Partners.