Tiger Global-backed Groyyo’s growth stalls in FY24; losses climb

This article discusses the financial performance of Tiger Global-backed Groyyo, a B2B manufacturing and automation startup, in FY24. After experiencing substantial 19X year-on-year growth in FY23, Groyyo's growth stalled, with a 14.4% decline in scale in the fiscal year ending March 2024. Simultaneously, the company's losses increased by 9% during the same period. Groyyo's gross revenue decreased to Rs 421 crore in FY24 from Rs 492 crore in the previous fiscal year. While the cost of procuring goods decreased, employee benefit expenses surged by 81.5%. The dip in scale caused its losses to increase by 8.8% to Rs 74 crore in FY24. The company faces challenges in a competitive market, needing to demonstrate the value of its services to business owners to maintain relevance and achieve sustainable growth.