Groyyo, a B2B manufacturing and supply chain technology platform, within a year of operations and amidst a tough macroeconomic conditions, has achieved EBITDA profitability, clocking an annualised revenue run rate of Rs 1,600 crore. The company said strong unit economics achieved through a relentless focus on profitability from its very early days.

Share Market Live

NSE

The startup has recorded a 7 times growth over the past year and has witnessed close to 2 times growth QoQ and is expecting to grow by more than 2 times in the coming financial year too.

"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 & scale in this segment. That being said, 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," said Subin Mitra, Groyyo’s Co-founder and CEO.

Also Read: Just Dial's B2B biz growing faster than B2C in the last 2-3 years

The company said it has expanded its operations to London and the US by forming strategic partnerships and hiring key senior personnel in those regions. Groyyo had also recently announced a partnership with Dubai Royal Family’s Private Office to transform the B2B manufacturing and sourcing landscape across the Middle East. Additionally, it has strengthened its supply chain across Asia by setting up on-ground teams and opening offices in cities like Tiruppur, Dhaka, Surat, and Istanbul, to build a stronger and more diversified supply chain.

Over the last 12 months, Groyyo claims to have acquired over 100 new buyers from across the world. It counts enterprise brands such as Inditex, Next, and Carrefour as its partners. 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. The company has employed over 170 people across India, the US, the UK, Bangladesh, and Turkey.

The company has so far raised $45 million in capital from marquee investors including Alpha Wave Incubation (Backed by Abu Dhabi’s ADQ) & Tiger Global.

Also Read: Paytm reports rise of 25% in average monthly transacting users in April

First Published:May 8, 2023 5:49 PM IST