[Funding alert] Agritech startup Vegrow raises $13M from Lightspeed Venture Partners, Elevation Capital, others
Agritech startup Vegrow has raised $13 million from investors including Lightspeed Venture Partners and Elevation Capital to invest in technology, new products, and to expand in 100 cities. The startup is a B2B platform for fruits and vegetables.
The Series A funding round also saw participation from existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital, Vegrow said in a statement.
Established in 2020, Vegrow has scaled rapidly among both farmers and B2B customers, resulting in nearly 20 times top-line growth with a presence in over 30 cities.
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Vegrow was founded by IIT alumni Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik, who have developed deep agri expertise as well as a hyper-growth marketplace culture having previously worked across companies such as ITC, Urban Company and Chronus. The technology platform powers farm discovery, produce quality profiling, market intelligence and smart matchmaking between farm-level inventory and customer requirements.
While India's B2B agri market is attractive ($300 billion), it is also a complex maze of fragmented supply with over 120 million farmers growing across 30 states, the company said.
Vegrow is initially focusing on the $50 billion fruits and high value vegetables segment.
"At Vegrow, we focus on select products as compared to building a large basket. Each of these products is a multi-billion dollar opportunity. This enables us to go deep in the product value chain and unlock massive growth in this sector," said the founders.
"In fact, we have become one of the largest companies for pomegranates in the country in less than a year. We are excited to expand to 100 cities, invest in technology, and launch new products with this fund raise, they added.