Groyyo’s gross revenue nears Rs 500 Cr in FY23


B2B manufacturing and automation startup Groyyo grew at a rapid clip with 19X growth during the fiscal year ending March 2023. But in the pursuit of chasing scale, the Tiger Global-backed company’s losses zoomed 13.6X during the same period.

Groyyo’s gross revenue surged 18.9X to Rs 492 crore in FY23 from Rs 26 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show.

Founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo is a supply chain enablement platform that helps digitize manufacturing small and medium businesses and match demand and supply from national and international clients.


The sale of products is the main source of revenue for Groyyo which increased 17.8X to Rs 452 crore in FY23. Income from commission and subscription are other revenue drivers for the Delhi-based company.

See TheKredible for the detailed revenue breakup.

For the B2B manufacturing and automation startup, the cost of procurement of goods accounted for 82.17% of the overall expenditure. With growth in scale, this cost surged 18.2X to Rs 475 crore in FY23.

Its employee benefits, traveling, legal, doubtful debtors, business consultancy, samples, and other overheads took the overall cost to Rs 578 crore in FY23 from Rs 31 crore in FY22.

See TheKredible for the full expense breakup.

Expenses Breakdown

Total ₹ 296 Cr
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Total ₹ 296 Cr
To access complete data, visit
View Full Data
  • Cost of procurement
  • Employee benefit
  • Travelling conveyance
  • Legal professional
  • Business consultancy
  • Sample purchased
  • Others
  • Provision for doubtful debtors

The mounting growth in employee benefits and provisions for doubtful debtors led Groyyo’s losses to increase by 13.6X to Rs 68 crore in FY23 from Rs 5 crore in FY22. Its ROCE and EBITDA margin stood at -35% and -11.4% respectively. On a unit level, it spent Rs 1.17 to earn a rupee in FY23.


FY22 FY23
EBITDA Margin -204% -11.4%
Expense/₹ of Op Revenue ₹1.19 ₹1.17
ROCE -265% -35%

Groyyo has raised $32.6 million across rounds. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 23.64% followed by Tiger Global.

A large head of expenses under doubtful debtors is hopefully a one off, but Groyyo will need to avoid taking the route of easy credit to get buyers on board. It usually doesn’t end well, and certainly doesn’t end profitably.  

With a market that is becoming more complex in terms of supply chain compliances, the firm certainly has a massive opportunity to support both buyers and sellers across the categories it is focused on. Handholding both through those issues will matter in the coming future, and will ensure the kind of value add that ties in customers for much longer. 

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