B2B manufacturing startup Groyyo secures $4.6 Mn led by Alpha Wave Incubation

Groyyo, a B2B manufacturing & automation startup headquartered in Mumbai, India, has recently announced that it has secured $4.6 million in a seed funding round.

The funding round was headed by Alpha Wave Incubation, originally known as Falcon Edge Capital. Sparrow Capital, the early investor and Stride Ventures, a notable venture-debt fund, as well participated in the funding round.

Apart from this, some of the angel investors also participated in the funding round, including Bombay Chamber of Commerce Chairperson Anjali Bansal, Deepak Jain (Manufacturing Lead & Partner, Bain & Co), Maninder Gulati (OYO Group’s Global Chief Strategy Officer), and Arpan Seth (Partner & Global PE Lead – Bain & Co).          

Groyyo, founded by Subin Mitra, Pratik Tiwari & Ridam Upadhyay, majorly helps factories increase their productivity and make them faster, smarter, and cost-efficient. It partially achieves this objective by using its real-time production software.

According to the company, the software digitizes partner factories by empowering production tracking and intelligent inputs to augment efficiency and offer them to reach international and national buyers globally.

The company is currently working on launching its app on the Google play store and Apple store.

Groyyo claims that the firm has empowered around 200 manufacturers across different categories by maximizing their potential in just being operational for 6 months.

The long-term objective of the firm for increasing the efficiency of factories with the technology is chased by several IoT startups. However, Groyyo declined to term itself as an industrial IOT company.

Commenting on the recent accomplishment, Subin Mitra, Co-Founder of Groyyo, said that the future of global sourcing is going to be conquered by small manufacturers.

It was also mentioned that owing to the rise and dominance of D2C brands, there is a budding need for transparent, compliant, quality manufacturers who can provide fast turnaround times, low minimum order sizes, and price competitiveness.

Apparently, the main objective of Groyyo is to provide technology to the millions of manufacturers across South Asia and change the aspect of sourcing worldwide.

Source Credit - https://www.techpluto.com/alpha-wave-incubation-backs-b2b-manufacturing-automation-startup-groyyo/