Manufacturing automation startup Groyyo has raised $5.4 million in debt funding from Lighthouse Canton and Trifecta Capital. The funds will be used to form partnerships with a wider range of small and medium enterprises (SMEs), aiding their global expansion, particularly in the UAE. The funding comes after Groyyo closed its loss-making raw material trading business.

Established in July 2021 by Subin Mitra, Pratik Tiwari and Ridam Upadhyay, Groyyo functions as a supply chain enablement platform, digitally transforming manufacturing processes for SMEs and bridging the gap between demand and supply for both national and international clients. With a portfolio encompassing over 100 brands and 350 factories, Groyyo recently achieved EBITDA profitability, boasting an annualized revenue run rate of Rs 1,600 crore in FY23.

Regarding the funding, Subin Mitra, CEO of Groyyo, highlighted its potential to empower SME manufacturers in South Asia to expand globally and digitize their operations. He emphasized the alignment with the Indian government's Make in India initiative, striving to attract more international demand to the subcontinent. Ankit Agarwal, Director (Venture Debt) at Lighthouse Canton, underscored the unique capability of Lighthouse Canton to provide financing in INR and USD to Indian startups with global aspirations.

The partnership aims to contribute to Groyyo's mission of reshaping manufacturing and democratizing supply chains, particularly in key apparel hubs worldwide. Groyyo, having secured $40 million in Series A funding previously, is focused on international markets such as Bangladesh, Vietnam, and Turkey. The company's collaboration with the Private Office of Sheikh Saeed bin Ahmed Al Maktoum and Seed Group in January 2023 further reinforces its commitment to B2B fashion and retail manufacturing and sourcing processes. The latest funding infusion is expected to strengthen Groyyo's capabilities in advancing its mission to digitize manufacturing processes for SMEs.