Groyyo, Asia's leading B2B Manufacturing and Supply Chain technology platform, has announced that it closed 2023 with an annualised revenue run rate of Rs. 1,600 crore, experiencing a 7x growth. The company has achieved profitability on an EBITDA basis, through an early focus on profitability. This is notable, given the company is in its first full financial year of operations and the year has proved challenging due to weakening macroeconomic conditions.
The company has expanded its operations to London and the US by forming strategic partnerships and hiring key senior personnel in those regions and has recently announced a partnership with Dubai Royal Family's Private Office to transform the B2B manufacturing and sourcing landscape across the Middle East. Groyyo has also strengthened and diversified its supply chain across Asia by setting up on-ground teams and opening offices in key cities, including Tiruppur, Dhaka, Surat, and Istanbul.
Groyyo has acquired over 100 new buyers world-wide and is a supply chain partner to large enterprise brands such as Inditex, Next, and Carrefour. The company has also partnered with over 250 new suppliers from India, Bangladesh, and Turkey and collaborated with 50+ mills across the region to build control over the entire textile supply chain. Company employs over 170 people across India, the US, the UK, Bangladesh, and Turkey.
According to Groyyo's Co-founder & CEO Subin Mitra, "Despite troubling macroeconomic conditions our focus on building multiple in-house core capabilities combined with a relentless outlook towards frugality has enabled us to build and scale in this segment. We still consider ourselves very small fish in a very large global market and will continue to aggressively grow our volumes & profitability in the coming financial year."
Since its establishment, Groyyo has witnessed close to 2x growth QoQ and is expecting to grow by more than 2x in the coming financial year too. The company has emerged as a market leader in the tech enabled B2B Lifestyle space and aims to continue by expanding into new demand and supply hubs.
The company has so far raised $45 million in capital from marquee investors including Alpha Wave Incubation (Backed by Abu Dhabi's ADQ) and Tiger Global.