Fashion manufacturing and supply chain startup Groyyo has raised ₹90 crore in the first close of its ongoing ₹200 crore Series B funding round. The round was led by Cornerstone Ventures, while existing investors including Tiger Global, Alpha Wave Global, Sparrow Capital and Stride Ventures also participated.
With this latest investment, Groyyo has now raised more than $50 million since it was founded in 2021. The fresh funding comes at an important time for the company as it has completed a major business turnaround, become profitable, and is now focusing entirely on international markets.
Fresh Funding to Support Global Expansion
Groyyo plans to use the new capital to expand its network of manufacturing partners across new locations. The company will also invest in its AI-powered design and trend forecasting platform and strengthen its presence in North America, Europe and the Middle East.
The startup works as a B2B supply chain platform, connecting global fashion brands with clothing manufacturers. Instead of selling products directly to consumers, Groyyo helps international brands source apparel from India and other manufacturing hubs.
To grow faster in the US market, Groyyo acquired a 51% stake in New York-based women’s wear sourcing company Oussum Inc. in 2025. The acquisition gave the company direct access to major American retailers such as Macy’s, Ross and Burlington.
The company has also made changes to its leadership team. After co-founder Ridam Upadhyay left the company in 2025, Groyyo promoted Nitin Jain, who was earlier the Managing Director of Exports, to the role of Co-Founder. Jain played an important role in building the company’s export business across the UK, Europe, Australia and South Korea. He also helped bring well-known international brands like Mango, John Lewis and Next to the company.
Business Turnaround Helps Groyyo Become Profitable
Before reaching this stage, Groyyo went through a difficult financial year in FY24.
The company’s gross revenue fell 14.4% to ₹421 crore, while its losses increased by 8.8% to ₹74 crore. Employee costs also went up sharply by more than 81% to ₹49 crore. At that time, the company was spending ₹1.24 to earn every ₹1 of revenue.
To improve its financial position, CEO Subin Mitra and his team introduced stricter cost controls and changed the company’s business strategy. Groyyo decided to stop focusing on the domestic market and became a 100% export-focused B2B supply chain company.
This move helped improve the company’s earnings. Its take rate increased to between 20% and 30%, allowing Groyyo to become both EBITDA-positive and PAT-positive.
The company is currently operating at an annual revenue run rate of around ₹500 crore. It expects to generate nearly ₹900 crore in revenue with a profit before tax of ₹25 crore in FY2025-26. Over the next three years, Groyyo aims to cross ₹3,000 crore in revenue as it continues to expand its global business.
Bharat Tex 2026 Shows New Opportunities for India’s Textile Industry
Groyyo’s growth comes at a time when India’s textile sector is receiving strong support through new government initiatives and export opportunities. These developments were highlighted during Bharat Tex 2026, held at Bharat Mandapam in New Delhi from July 14 to 17.
The event was inaugurated by Union Textiles Minister Giriraj Singh and focused on Prime Minister Narendra Modi’s “5F Vision”—Farm to Fibre to Factory to Fashion to Foreign. Around 1,600 exhibitors showcased more than 20,000 products at the exhibition. The event also welcomed over 7,000 international buyers and nearly 1.3 lakh trade visitors.
One of the key announcements was the launch of Digital Product Passports for 25 Indian MSME apparel exporters by the Apparel Export Promotion Council (AEPC) and Green Story. These digital passports allow buyers in Europe to scan a QR code and check details such as a product’s carbon footprint and material composition, helping Indian exporters meet upcoming European sustainability rules.
The Clothing Manufacturers Association of India (CMAI) and the Global Alliance for Textile Sustainability (GATS) also launched the Eco-Stitch Circularity Hub to promote textile recycling, circular manufacturing and digital product tracking.
The government also highlighted new trade opportunities through proposed Free Trade Agreements with New Zealand and the Maldives. India is also strengthening its textile partnership with Mali, especially in the cotton sector.
Commerce Minister Piyush Goyal announced a ₹25,000 crore Export Promotion Mission to help MSMEs increase exports through a 90-day programme across 120 priority districts. At the same event, the National Jute Board introduced biodegradable jute-viscose blended apparel that will be worn by the Indian team at the 2026 Commonwealth Games in Glasgow.
With fresh funding, better financial performance and a stronger international presence, Groyyo is now looking to expand further in the global fashion supply chain market. As more global brands diversify their sourcing, the company hopes to become one of India’s leading technology-driven textile supply chain businesses.