Kul Bhushan · · 2 min readLightspeed-backed agritech startup raises $25m in series B
India-based agritech startup Vegrow has raised US$25 million in a series B round led by Prosus Ventures. Investors including Matrix Partners India, Elevation Capital, Lightspeed India Partners, and Ankur Capital also participated in the round.
(From left) Vegrow co-founders Kiran Naik, Mrudhukar Batchu, Shobhit Jain, and Praneeth Kumar/ Photo credit: Vegrow
Vegrow was founded in 2020 by Praneeth Kumar, Kiran Naik, and Mrudhukar Batchu – alumni of the Indian Institute of Technology (IIT) Madras – and Shobhit Jain, who is an IIT Kharagpur alumnus.
The company’s B2B marketplace aggregates wholesalers and traders and links them with farmers. Its services also include profiling produce quality, market intelligence, and more.
Vegrow, which is currently present in 100 cities and works with more than 20,000 farmers, processes over 200 tons of fruits daily and said it has seen a 15x growth in monthly revenue over the last 12 months.
The startup is looking to tap India’s fruit market, which is estimated to be worth US$60 billion.
Vegrow plans to use the fresh capital to expand its operations and hire new talent across product, engineering, and other verticals.
In July 2021, the firm raised US$13 million in a series A round co-led by Lightspeed Venture Partners and Elevation Capital. Other investors including Matrix Partners India, Ankur Capital, Better Capital, and Titan Capital also participated in the round.
See also: The key players in Indonesia’s promising agritech space
Editing by Deepti Sri and Joy Tirkey
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
