Delhi based Groyyo collects nearly 500 crore as Gross Revenue during FY23

By siliconindia  |  Thursday, 25 April 2024, 12:47 IST

Delhi based Groyyo collects nearly Rs. 500 crore as Gross Revenue during FY23
Manufacturing and automation startup Groyyo, which works in B2B segment of the industry has exhibited a sharp 19x growth during the fiscal year ending March 2023. But to chase the growing revenue further, the Tiger Global-backed company has faced 13.6X loss in the same period. According to the financial statements given by the Registrar of Companies showed that Groyyo’s gross revenue surged 18.9X to 492 crore in FY23 from 26 crore in FY22.
The startup was founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay. The company was founded as the a supply chain enablement platform that helps digitize manufacturing small and medium businesses and match demand and supply from national and international clients.
The main source of revenue of the company is the sale of products. The revenue of the company was increased  17.8X to 452 crore in FY23. Another source of income for this Delhi based startup is the income from commission and subscription.
For this B2B manufacturing and automation startup, the cost of procurement of goods accounted for 82.17% of the overall expenditure. With growth in scale, this cost surged 18.2X to 475 crore in FY23.
Their overall cost of employee benefits, traveling, legal, doubtful debtors, business consultancy, samples, and other overheads are accounted as 578 crore in FY23 from 31 crore in FY22. 
The substantial growth of the employee benefits and provisions for doubtful debtors led Groyyo’s losses to increase by 13.6X to 68 crore in FY23 from 5 crore in FY22. The company’s ROCE and EBITDA margin stood at -35% and -11.4% respectively. On a unit level, it spent 1.17 to earn a rupee in FY23.

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