Groyyo raises USD 4.6 million led by Alpha Wave Incubation

Mumbai-based start-up Groyyo on Monday said it has raised USD 4.6 million about Rs 34 crore in a seed round of funding led by Alpha Wave Incubation AWI. Our mission at Groyyo is to bring technology to the millions of micro-manufacturers across South Asia and change the face of sourcing, globally, Mitra said.

Mumbai-based start-up Groyyo on Monday said it has raised USD 4.6 million (about Rs 34 crore) in a seed round of funding led by Alpha Wave Incubation (AWI). Groyyo, which is a business-to-business manufacturing and automation company, further said the funding round also saw participation by marquee angels such as Deepak Jain (Partner and Manufacturing Lead, Bain & Co), Arpan Seth (Partner and Global PE Lead - Bain and Co), OYO Group's Global Chief Strategy Officer Maninder Gulati and Bombay Chamber of Commerce Chairperson Anjali Bansal. Early investors Sparrow Capital and notable venture-debt fund Stride Ventures also participated in the latest round.

''Groyyo...today announced it has raised USD 4.6 million in a seed round of funding led by Alpha Wave Incubation (AWI), which is backed by DisruptAD, ADQ's venture platform, and managed by Falcon Edge Capital,'' it said in a statement.

Commenting on the development, Subin Mitra, co-founder of Groyyo noted that the future of global sourcing would be dominated by small manufacturers. ''Our mission at Groyyo is to bring technology to the millions of micro-manufacturers across South Asia and change the face of sourcing, globally,'' Mitra said.