Exclusive: Tiger Global leads Series A round in Groyyo

Update: Groyyo announced that it has raised $40 million in a combination of equity and debt in its Series A round. The round of funding was led by Tiger Global with participation from Alpha Wave Global.

This round also saw participation from existing investors Sparrow Capital, Stride Ventures and Notable Angel investors like Bahram Vakil (Founder & Senior Partner at AZB & Partners) and Vineet Gautam (CEO - Bestseller India) with notable debt partners like Blacksoil and Capsave Finance.

Original post follows

B2B manufacturing and automation startup Groyyo has raised $27 million or Rs 210 crore in a Series A round led by Tiger Global. Previously, the company had raised $4.6 million in its seed round in January this year.

The board at Groyyo has passed a special resolution to allot 3,916 Series A CCPS at issue price of Rs 5,36,915 per share to raise Rs 210 crore or $27 million, the company’s regulatory filing with the Registrar of Companies (RoC) shows.

Tiger Global has led the round with Rs 152.9 crore followed by existing investors Alpha Wave which invested Rs 49.7 crore. Sparrow Fund, Stride Opportunities and three individual investors namely Aditi Bhandari, Vineet Gautam and Bahram Vakil have collectively put in Rs 7.6 crore in this round.

After the allotment of the Series A round, Tiger Global holds a 12.7% stake in the company while co-founders: Pratik Tiwari, Subin Kumar Mitra and Ridam Upadhyay's holdings have been diluted to 53.5%.

As per Fintarckr’s estimates, Groyyo has been valued at around Rs 1,204 crore or $156 million (post-money). A year-old company has scooped up $31.6 million to date.

Groyyo uses artificial intelligence to boost efficiency in an extremely fragmented small-scale manufacturing industry. The Mumbai-based startup claims to have digitalised operations of 200 small and medium-sized enterprises in 2021.

According to Groyyo’s website, it has onboarded over 360 factories manufacturing products across 150 categories for 110 brands. Apart from Gurugram and Mumbai, it has presence in Dhaka and Abu Dhabi.

Unlike 2021, Tiger Global has been focusing on early-stage deals in the ongoing calendar year. As per data compiled by Fintrackr, Tiger Global has done around three dozen deals including 11 early-stage investments in 2022 so far. In 2021, the total number of investments was 53 including four early-stage bets. 

On Monday, it led a $25 million round in EV battery swapping network Battery Smart. Entrackr had exclusively reported the development. Last month, treasury management and infrastructure platform Coinshift also raised its $15 million Series A round led by Tiger Global.