Agritech startup Vegrow raises an amount of $2.5M led by Matrix Partners India, Ankur Capital

Bengaluru-based agritech startup Vegrow that concentrates on assembling small farms declared that it has raised an amount of $2.5 million in seed funding from Matrix Partners India and Ankur Capital. 

 

Moreover the round also saw active participation from Better Capital, Titan Capital, as well as angel investors including Sanjiv Rangrass – CEO of ITC Ltd Agri Business Division, Rohit MA – Founder of Cloud 9, Ramakant Sharma – Founder of Livsapce and Amit Lakhotia – Founder of Park+.

 

Tarun Davda, Managing Director, Matrix India, stated that Agriculture is one of India’s biggest industries, and the lack of organisation in the space clearly shows the major opportunity available. 

 

Vegrow’s model of combining fragmented farms to help unlock economies of scale with technology-led interventions increases and enhances the earning potential of their partner farmers.

 

It was founded by four IITians Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik.

 

Vegrow is establishing an asset-light farm by partnering with small farms on a profit-sharing model. The startup stated that it increases the net earnings of partner farmers by leveraging technology across different stages of the farming cycle and also helps in crop planning, gives them access to quality inputs, monitors their response to practices, and ultimately sells their harvest to the right buyers.

 

Shobhit Jain, Co-founder, Vegrow also stated that- from the humble beginnings of farming themselves, they now see a vision of becoming the world’s largest farmers company. Further they are partnering with farmers and building value chains for identified products. They are investing in farm tech and supply chain tech to help people realise a higher value for the farmers, all of this is rallied around a single point agenda which is to build and serve India’s largest farmer community.

 

Both Praneeth and Shobhit commenced their professional career at the agri business division of ITC, while Mrudhukar and Kiran have had a practical experience in farming.

 

Ritu Verma, Co-founder and Managing Partner, Ankur Capital, also put up a few words saying that they are excited to kick off their second fund by partnering with Vegrow. Additionally they have spent a lot of time in the agritech sector and most solutions do not get to the heart of the challenge.

 

The team’s depth of comprehensiveness in the market, coupled with their approach to use technology to drive the scale is what sets them disparate.

– Authored by Farheen Malik

  Content Developer, StartupMonk

Share this post

Share on facebook
Share on linkedin
Share on whatsapp
Share on twitter
Share on google
Share on reddit
Share on telegram

Latest Blogs: