– Expecting to double growth this financial year
– Acquired more than 100 new buyers globally
Expanded operations across Middle East, Asia, UK, US
Mumbai, May 8, 2023: Groyyo, Asia’s leading B2B Manufacturing and Supply Chain technology platform, has announced that it closed 2023 with an annualised revenue run rate of INR 1600 crore. The company has also achieved profitability on an EBITDA basis, indicating its strong unit economics achieved through a relentless focus on profitability from its very early days. This is a notable accomplishment for the company, given it is in its first full financial year of operations and one that has been challenging for businesses due to weakening macroeconomic conditions.
The company has experienced remarkable 7x growth over the past year, which has enabled it to expand its operations to London and the US by forming strategic partnerships and hiring key senior personnel in those regions. Groyyo had also recently announced a partnership with Dubai Royal Family’s Private Office to transform the B2B manufacturing & sourcing landscape across the Middle East. Additionally, Groyyo has strengthened its supply chain across Asia by setting up on-ground teams and opening offices in key cities, including Tiruppur, Dhaka, Surat, and Istanbul, to build a stronger and more diversified supply chain.
Over the last 12 months, Groyyo has acquired over 100 new buyers from across the world, which has enabled it to become supply chain partner to large enterprise brands such as Inditex, Next, and Carrefour. The company has also partnered with over 250 new suppliers from India, Bangladesh, and Turkey and collaborated with 50+ mills across the region to build control over the entire textile supply chain. These achievements have enabled the company to employ over 170 people across India, the US, the UK, Bangladesh, and Turkey.
According to Groyyo’s Co-founder & CEO Subin Mitra, “Despite troubling macroeconomic conditions our focus on building multiple in-house core capabilities combined with a relentless outlook towards frugality has enabled us to build & scale in this segment. That being said, we still consider ourselves very small fish in a very large global market and will continue to aggressively grow our volumes & profitability in the coming financial year.”
Groyyo’s ability to achieve such remarkable growth, profitability, and expansion in a challenging environment is a testament to its commitment to execution, scalability, and frugality. The company’s focus on building a robust supply chain and establishing strategic partnerships has enabled it to expand its operations and strengthen its position in the market.
Since its establishment, Groyyo has witnessed close to 2x growth QoQ and is expecting to grow by more than 2x in the coming financial year too. The company has emerged as a market leader in the tech-enabled B2B Lifestyle space and will continue to cement its position by expanding into new demand and supply hubs and build further strength in this segment.
Groyyo was founded in 2021 by Subin Mitra & Pratik Tiwari, with the aim to empower and upgrade manufacturing and automation services with technologies like artificial intelligence, innovation, standardization, and industry guidance. The company has so far raised $45 million in capital from marquee investors including Alpha Wave Incubation (Backed by Abu Dhabi’s ADQ) & Tiger Global.
