Business-to-business (B2B) manufacturing and automation startup Groyyo is nearing a $200 million revenue rate, closing last financial year (FY) at an annual revenue rate (ARR) of Rs 1,600 crore.
The Tiger Global-backed startup, which is less than two years old, has also achieved operational profitability, it said in a statement.
Founded in 2021 by Subin Mitra and Pratik Tiwari, Mumbai-based Groyyo works with suppliers in industries such as apparel, footwear, accessories, furnishings, ceramic and furniture to drive their sales to buyers from more than 10 countries.
“Despite troubling macroeconomic conditions, our focus on building multiple in-house core capabilities combined with (an) outlook towards frugality has enabled us to build and scale in this segment,” said Mitra.
“We still consider ourselves very small fish in a very large global market and will continue to grow our volumes and profitability in the coming financial year,” he added.
The startup claims to have acquired over 100 new buyers, while partnering with 250 new suppliers from India, Bangladesh, and Turkey in the last twelve months.
Groyyo has raised close to $45 million so far from investors. It bagged about $40 million in a Series A fundraise round in June last year led by Tiger Global Management while its existing investors including Alpha Wave Incubation, less than six months after it announced its seed round worth Rs $4.6 million in January 2022. Apart from Tiger Global, it also is backed by venture other capital companies like Alpha Wave Incubation, Sparrow Fund and Stride Opportunities.
The company further expects to double its growth in FY24.
It claims to have grown 7x during the last twelve months, expanding operations across US and UK. It roped in former ThreadSol executive Abhishek Srivastava as its chief technology officer. It has also established on-ground presence in key cities including Tiruppur, Dhaka, Surat and Istanbul.
While its audited statements for FY23 are not available, Groyyo had reported a revenue from operations of Rs 25.8 crore in FY22.