ETtechGroyyo, a business-to-business manufacturing and automation company, has raised $4.6 million in a seed funding round led by Alpha Wave Incubation, a startup incubator managed by Falcon Edge Capital.
Sparrow Capital and Stride Ventures participated in the fundraising, as did angel investors like Bain & Co.’s Deepak Jain and Arpan Seth, Oyo’s Maninder Gulati and Bombay Chamber of Commerce’s chairperson Anjali Bansal.
Founded in July 2021 by Subin Mitra, Ridam Upadhyay and Pratik Tiwary, Groyyo uses artificial intelligence to boost efficiency of what is an extremely fragmented small-scale manufacturing industry. The Mumbai-based startup claims to have digitalised operations of 200 small and medium-sized enterprises in the past six months. The company said that a "Groyyo Standard Factory" will see revenue grow by ~15% & profitability increase by ~20%.
“The future of global sourcing is going to be dominated by small manufacturers,” said Subin Mitra, chief executive officer at Groyyo.
“With the rise and dominance of D2C (direct-to-consumer) 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,” he said. “Our mission at Groyyo is to bring technology to the millions of micro-manufacturers across South Asia and change the face of sourcing, globally.”
Sparrow Capital and Stride Ventures participated in the fundraising, as did angel investors like Bain & Co.’s Deepak Jain and Arpan Seth, Oyo’s Maninder Gulati and Bombay Chamber of Commerce’s chairperson Anjali Bansal.
The company will use the capital to build its teams across key manufacturing clusters in South Asia, and for expansion into the United States and the Middle East. It will also invest in the technological and physical upgradation of its manufacturing partners.
Founded in July 2021 by Subin Mitra, Ridam Upadhyay and Pratik Tiwary, Groyyo uses artificial intelligence to boost efficiency of what is an extremely fragmented small-scale manufacturing industry. The Mumbai-based startup claims to have digitalised operations of 200 small and medium-sized enterprises in the past six months. The company said that a "Groyyo Standard Factory" will see revenue grow by ~15% & profitability increase by ~20%.
“The future of global sourcing is going to be dominated by small manufacturers,” said Subin Mitra, chief executive officer at Groyyo.
“With the rise and dominance of D2C (direct-to-consumer) 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,” he said. “Our mission at Groyyo is to bring technology to the millions of micro-manufacturers across South Asia and change the face of sourcing, globally.”
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