B2B manufacturing startup Groyyo on Monday said it has raised $4.6 million in a seed round of funding led by Alpha Wave Incubation (AWI).
Founded in July 2021, Groyyo has been working with MSMEs across South Asia.
The company said it has empowered more than 200 manufacturers across South Asia by maximising their potential within six months of inception.
The latest funding, it added, will help build its teams across key manufacturing clusters in South Asia along with expanding its presence across the US and the Middle-East.
Also Read | Samsung unveils micro-LED, lifestyle TVs at CES 2022
"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, Co-Founder, Groyyo.
The funding round also saw participation by investors such as 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.
Groyyo said it is dedicated to driving growth creating opportunities for smaller players via its factory-first monetisation model.
"We believe product sourcing is a global challenge with massive opportunities across both demand and supply. We really liked the supply first approach adopted by Groyyo," said Anirudh Singh, Managing Director, Alpha Wave Incubation (AWI).
Also Read | AirPods Pro 2 may offer lossless audio, charging case with sound
AWI is backed by DisruptAD, ADQ's venture platform, and managed by Falcon Edge Capital.
