Indian B2B Agritech platform Vegrow raises US$ 13M in Series A funding round

India-based Vegrow, a business-to-business (B2B) agritech platform partnering with farmers, aggregating supply and selling to organized demand through partnership, raised US$ 13 million in a Series A funding round on 21 July 2021.

Investors: The funding round was co-led by Lightspeed Venture Partners and Elevation Capital, with participation from existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital.

About Vegrow

Founded in 2020 by IIT alumni Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu and Kiran Naik, Vegrow aims to simplify farming and increase the land utilization for farmers. Its mission is to build the world’s biggest asset-light farmer. With a presence in over 30 cities, its technology platform powers farm discovery, produce quality profiling, and market intelligence for smart matchmaking between farm-level inventory and customer requirements.

India’s B2B Agri market has a huge potential, but at the same time, it is very complex with a fragmented supply with over 120 million farmers growing across states. Vegrow is simplifying the agri-value chain, initially focusing on the US$ 50 billion fruits and high-value vegetables segment. It addresses challenges around farmland under-utilization and supply fragmentation for farmers and delivers consistent quality along with fill rate to customers.

Company statement: “At Vegrow, we focus on select products as compared to building a large basket. Each of these products is a multi-billion dollars’ 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. We are excited to expand to 100 cities, invest in technology and launch new products with this fundraiser.”

What the investors have to say: “Agriculture as a sector has largely remained removed from digital disruptions, despite the strong tailwinds of increasing internet penetration and adoption. We believe any effort to digitize these value chains will have to keep farmers and their interests at the core. Vegrow’s farm-centred approach, coupled with strong insights, which are allowing the team to fundamentally re-imagine and augment these supply chains, stood out in our interactions. Super thrilled to be a part of this mission-driven team as they create access and value for millions of farmers.” — Akarsh Shrivastava, Vice President, Elevation Capital.

“Having invested in commerce companies like Pinduoduo, OYO and Zetwerk we have realized that the number one pressing need of the small supplier, a farmer, in this case, is higher revenue realization. It’s not accessing inputs, credit or crop advisory. Therefore, we believe companies building marketplaces between farmers and buyers, using technology to eliminate inefficiencies will have the largest market opportunity eventually.” — Vaibhav Agrawal, Partner, Lightspeed.

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