Established in 2021, B2B tech startup Groyyo recorded a whopping Rs 509.8 crore in just its second year of revenue generation in FY23. This was a 19X scale up when compared to FY22’s Rs 25.8 crore.
Its revenue from operations for the fiscal year ending March 2023 rose to over Rs 491 crore. This contributed for more than 96% of the overall revenue generated in the same year.
Based out of Gurugram, the Subin Kumar Mitra, Ridam Upadhyay, and Pratik Tiwari founded Groyo is a B2B manufacturing and automation startup that uses artificial intelligence to boost efficiency in an extremely fragmented small-scale manufacturing industry.
The company uses artificial intelligence to boost efficiency in an extremely fragmented small-scale manufacturing industry. It now claims to have onboarded over 360 factories manufacturing products across more than 150 categories for 110+ brands across close to 10 countries worldwide.
The three-year-old company has offices across Delhi, Mumbai, Dhaka, and Abu Dhabi.
Groyyo has raised funding of over Rs 390 crore through 4 rounds. It’s latest round, a debt financing round, was held earlier this year and scooped up close to Rs 45 crore from the likes of Lighthouse Canton and Trifecta Capital.
Prior to this, in 2022, it secured its Series A funding round of Rs 218 crore led by Tiger Global and Alpha Wave Global. The round also participation from the likes of Tiger Global, Alpha Wave Global, Sparrow Capital Management among others.
The company is valued at Rs 1204 crore.
Alpha Wave Incubation is its largest shareholder with over 20% shares while the three founders hold an equal share each of more than 17%.
The deeptech firm’s expenditure for FY23 increased 18X to Rs 577.8 crore as compared to the preceding fiscal’s Rs 31.3 crore.
While employee benefits was the most expense of the company taking up over Rs 26 crore of the total revenue, finance and travelling costs contributed close to Rs 10 crore and more than Rs 3 crore.
As for losses, it saw a massive 12X gap to Rs 68.1 crore in FY23. The company’s EBITDA currently stands at -11.41% and ROCE is at -35.20%.
Previously in FY22, it incurred losses amounting to Rs 5.4 crore.