Vegrow raises $13 million in funding co-led by Lightspeed Venture Partners, Elevation Capital
Vegrow was founded in 2020 by four Indian Institute of Technology alumni -- Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik.
July 20, 2021 / 02:45 PM IST
Vegrow's existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital also participated in the Series A financing round. (Representative image)
Vegrow, a business-to-business agritech platform for fruits and vegetables, has raised $13 million in a funding round co-led by Lightspeed Venture Partners and Elevation Capital.
The Bengaluru-based company's existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital also participated in the Series A financing round, Mint has reported.
Vegrow will use the funding to expand to 100 cities, invest in technology and launch new products.
"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. In fact, we have become one of the largest companies for pomegranates in the country in less than a year," the company said, as quoted by Mint.
Vegrow said the Indian B2B agri market is a complex network of fragmented supply, with over 120 million farmers across the country. The company is focusing on the $50 billion fruits and high-value vegetables segment.
The startup was founded in 2020 by four Indian Institute of Technology alumni -- Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik. It has a presence in 30 Indian cities.
"While Indian consumers and businesses have seen tremendous changes in the past 10 years through several waves of innovation, the reality is our fruits and vegetables are grown by independent farmers in a nearly identical manner, and with dwindling yields. Vegrow's tech-enabled processes allow the company to grow their margins while also driving value to the farmers they work with," Ritu Verma, partner, Ankur Capital, said.