Bengaluru headquartered agritech start-up, Vegrow announced on 21st July, 2020, that it has secured USD 2.5M in seed funding. The funding round was led by Ankur Capital and Matrix Partners India.
Other participants in the round include Titan Capital, Better Capital as well as few angel investors like Amit Lakhotia – Founder of Park+, Rohit MA – Founder of Cloud 9, Sanjiv Rangrass – CEO of ITC Ltd Agri Business Division, Ramakant Sharma – Founder of Livspace.
Managing Director of Matrix Partners India, Taryn Davda, said, “Agriculture is one of India’s largest industries and the lack of organization in the space clearly outlines the vast opportunity available. Vegrow’s model of aggregating fragmented farms to help unlock economies of scale with technology-led interventions significantly increases the earning potential of their partner farmers.”
About the company
Vegrow is an Agritech startup focused on aggregating small farms. It has a wide market size of $43 billion. The start-up provides the technology across different stages of the farming cycle and hence increase the net earnings of partner farmers. The tech based start-up helps in giving farmers access to quality inputs, sells their harvest to the right set of buyers, assists in crop planning and monitors their adherence to practices.
About the founders
The company was established by four IITians Kiran Naik, Shobhit Jain, Praneeth Kumar and Mrudhukar Batchu. The team posseses the experience in Agri-input and Agri-output companies viz- Agro Star and ITC. The team previously has built products from 0 to 1 and 1 to 100 solving critical problems of market places & B2B business such as Chronus and UrbanCompany.
Both Praneeth Kumar and Shobhit Jain started their professional career together at the agri-business division of ITC, while Kiran Naik and Mrudhukar Batchu have had practical experience of farming.
Co-founder at Vegrow, Shobhit Jain commented, “From the humble beginning of farming ourselves, we now see a vision of becoming the world’s largest farmer. We are partnering with farmers and building value chains for identified commodities. We are investing in farm-tech and supply chain tech to help us realize a higher value for our farmers, all of this is rallied around a single point agenda which is to build and serve India’s largest farmer community.”
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