The B2B manufacturing and automation firm Groyyo had 19X growth in its fiscal year that ended in March 2023, indicating a high rate of expansion. However, the Tiger Global-backed company’s losses increased 13.6X in the same time frame as a result of its quest of expansion.
Gross revenue of Groyyo nears Rs 500 Crore in FY23
According to Groyyo’s consolidated financial records submitted to the Registrar of Companies, the company’s gross sales increased 18.9X to Rs 492 crore in FY23 from Rs 26 crore in FY22.
Groyyo is a supply chain enablement platform that was founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay. It assists small and medium-sized manufacturing enterprises in digitizing their operations and matching supply with demand from both domestic and foreign customers.
Gross revenue of Groyyo nears Rs 500 Crore in FY23
Groyyo’s primary income stream is product sales, which grew 17.8X to Rs 452 crore in FY23. The Delhi-based company also generates revenue from subscriptions and commissions.
82.17% of the total costs for the B2B manufacturing and automation startup were related to the cost of items purchased. This cost increased 18.2X to Rs 475 crore in FY23 due to the scale rise.
Gross revenue of Groyyo nears Rs 500 Crore in FY23
The total cost increased from Rs 31 crore in FY22 to Rs 578 crore in FY23 due to staff benefits, travel, legal fees, questionable debtors, business consulting, samples, and other overheads.
Due to the increasing expansion of employee benefits and provisions for questionable debtors, Groyyo’s losses jumped by 13.6 times, from Rs 5 crore in FY22 to Rs 68 crore in FY23. It had an EBITDA margin of -11.4% and a ROCE of -35%. In FY23, it cost Rs 1.17 per unit to earn a rupee.
Gross revenue of Groyyo nears Rs 500 Crore in FY23
Through several rounds, Groyyo has raised $32.6 million. TheKredible, a startup data intelligence platform, reports that Alpha Wave, with 23.64% of the total, is the largest external stakeholder, followed by Tiger Global.
