Exclusive: Groyyo In Talks To Raise $40 Mn From Tiger Global, Others

B2B manufacturing and supply chain enablement startup Groyyo is in talks to raise about $40 Mn funding, primarily in equity, from Tiger Global and other investors at a valuation of about $200 Mn (around INR 1,700 Cr), sources told Inc42.

This will be an increase of about 25% from its last valuation of $160 Mn (around INR 1,200 Cr).

Besides Tiger Global, the Series B funding round will also see participation from other existing investors like Alpha Wave, Sparrow Capital, among others.

The startup is currently in talks with global sovereign and hedge funds and more investors may join the funding round, the sources added. The round will also have a small debt component.

Groyyo declined to comment on Inc42’s queries on the development. 

Founded by Subin Mitra and Pratik Tiwari in July 2021, Groyyo offers an end-to-end platform to enable small and medium enterprises (SMEs) in apparel and textile industry to meet global demand and improve their capacity utilisation. It also helps the SMEs in the fashion and lifestyle industries digitise their processes, including inventory management. 

Groyyo has almost stopped supplying finished products to Indian brands, and mainly deals with international brands such as Zara, Mango, John Lewis, among others, now. As per the sources, the startup generates almost 90% of its revenue from these brands. 

It closed FY24 with an operating revenue of INR 425 Cr (about $50 Mn) and is on course to end FY25 with a revenue of INR 480 Cr (about $60 Mn). 

The sources said that the startup achieved EBITDA profitability at the end of 2024. They credited the ongoing tensions in Bangladesh and the proactive steps taken by the Centre as part of the ‘Make In India’ initiative for this.

The fresh funding comes almost two years after the startup raised $40 Mn in its Series A funding round in a mix of equity and debt from Tiger Global, Alpha Wave, Sparrow Capital and Stride Ventures. 

Overall, it has raised a total funding of over $50 Mn to date.

In December 2024, the startup elevated Nitin Jain to the role of cofounder from his earlier position of managing director of exports.

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