SUMMARY
Groyyo claims to help small manufacturing startups with AI, innovation, standardisation, and guidance from industry experts
India’s manufacturing sector has the potential to reach $1 Tn by 2025
Finance Minister Nirmala Sitharam had announced an outlay of INR 1.97 Cr for production-linked incentive schemes across 13 key sectors in March 2020
Mumbai-based B2B manufacturing and automation startup Groyyo today has raised $4.6 Mn in a seed funding round led by Alpha Wave Incubation.
Angel investors including Deepak Jain (Bain & Co), Arpan Seth (Bain & Co), OYO Group’s global chief strategy officer- Maninder Gulati and Bombay Chamber of Commerce’s chairperson Anjali Bansal also participated in the round along with Sparrow Capital and Stride Ventures.
Founded by Subin Mitra, Pratik Tiwari and Ridam Upadhyay in 2021, Groyyo is a manufacturing and automation startup that claims to help small companies in the manufacturing sector with AI, technology, innovation, standardisation, and guidance from industry experts.
According to the startup, it has empowered over 200 manufacturers across categories within just six months of being operational.
“The future of global sourcing is going to be dominated by small manufacturers. With the rise and 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,” said Subin Mitra, cofounder of Groyyo.
According to IBEF, India’s manufacturing sector has the potential to reach $1 Tn by 2025. The Indian Cellular and Electronics Association (ICEA) predicts that the country has the potential to scale up its cumulative laptop and tablet manufacturing capacity to $100 Bn by 2025.
“We really liked the supply first approach adopted by Groyyo, which helps them cater to a multitude of categories and products to serve buyers across the globe. Additionally, we also think Groyyo’s solution will give a fillip to South Asia’s rising small manufacturer segment, which is hungry to work with large scale clients,” said Anirudh Singh, managing director of Alpha Wave Incubation.
Among other initiatives, Prime Minister Narendra Modi had launched the ‘Make in India’ initiative as a bid to create 100 Mn jobs in the manufacturing sector. In line with this initiative, Finance Minister Nirmala Sitharam had announced an outlay of INR 1.97 Cr for production-linked incentive schemes across 13 key sectors in March 2020.
Last month, Delhi NCR-based B2B cross-border manufacturing and commerce startup Nexprt had raised $5 Mn in a seed round led by Sequoia Capital and Lightspeed. In August last year, B2B manufacturing marketplace Fashinza had raised $30 Mn in a Series A funding round led by Accel Partners and Elevation Capital
