B2B Manufacturing and Automation company Groyyo, which is based in India’s financial capital Mumbai, announced on Monday that it has raised $4.6 Mn in a seed funding round. Alpha Wave Incubation, originally known as Falcon Edge Capital, has spearheaded the seed funding round. Early investors Sparrow Capital and notable venture-debt fund Stride Ventures also contributed funds in the round.
Slew of angel investors participated in the funding round. This includes 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.
Founded in July 2021 by Subin Mitra, Pratik Tiwari & Ridam Upadhyay, Groyyo essentially helps in increasing the productivity of factories by making them smarter, faster and cost-efficient. It partially achieves this goal with the help of its real-time production software. The company claims that this software digitizes partner factories by enabling production tracking and intelligent inputs to optimize efficiency and gives them a global outreach to international and national buyers.
The company is currently in the middle of launching its app on Apple app and Google Play Store.
Groyyo claims that it has empowered over 200 manufacturers across categories by maximizing their potential within just 6 months of being operational. But Techpluto cannot verify this claim independently.
The company’s aim of increasing the efficiency of factories with the help of technology is pursued by several industrial IOT startups. But Groyyo refuses to dub itself as an industrial IOT company.
Commenting on the seed funding round, Subin Mitra, Co-Founder, Groyyo, said, “The future of global sourcing is going to be dominated by small manufacturers. With the rise & 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. Our mission at Groyyo is to bring technology to the millions of micro-manufacturers across South Asia and change the face of sourcing, globally.”