New Delhi, July 16 -- AI-powered fashion manufacturing platform Groyyo has raised Rs 90 crore (around $9.3 million) in the first tranche of its Rs 200-crore Series B funding round led by Cornerstone Ventures, with participation from existing investors.
The company said in a release that it plans to use the fresh capital to expand the company's manufacturing partner network, strengthen its artificial intelligence driven design and trend forecasting platform, and deepen its presence in North America, Europe and the Middle East.
Founded in 2021 by Pratik Tiwari and Subin Mitra, Groyyo connects global fashion brands with apparel manufacturers through a technology platform that digitises the supply chain from product design and sourcing to production and delivery.
The Gurugram-based company said it has built a network of more than 470 manufacturers across 10 countries and serves over 45 international fashion brands.
"Fashion supply chains have run on relationships and spreadsheets for decades. We set out to build the operating system that the industry actually needs," said Subin Mitra, co-founder of Groyyo.
"Global fashion supply chains are still one of the largest, most fragmented markets that technology hasn't fully touched," said Vatsal Bavishi, partner, Cornerstone Ventures.
"Groyyo has built a technology-first global infrastructure - not just a marketplace. The entire value-chain operated by Groyyo, right from AI-powered trend identification to design, manufacturing and delivery, is very difficult to replicate and replace. We like to back founders who understand an industry deeply enough to re-architect it, and that's exactly what this team has done."
Groyyo previously raised a Series A round from Tiger Global, Alpha Wave Global, Sparrow Capital and Strides Ventures. The company said it is currently operating at an annual revenue run rate of about Rs 500 crore and is targeting more than Rs 3,000 crore in revenue over the next three years.
Published by HT Digital Content Services with permission from VC Circle.