Indian Agritech startup EekiFoods raises USD 2 million in the latest funding round

EekiFoods, an India-based Agritech startup, has raised USD 2 million in the latest funding round led by Avaana Capital with participation from Better Capital and Icebreaker VC on 4 February 2022.

Investors: The latest funding round was led by Avaana Capital with participation from Better Capital and Icebreaker VC. The round also drew participation from many angel investors, including Kunal Shah, Founder of CRED; Abhishek Kejeriwal, Founder of Kutumb; and Harsh Shah, Fynd Founder, Ramakant Sharma, Founder Livspace; O2 Angels Network and Gopinath K, Eeki IoT head and existing investor Spectrum Impact.

The Objectives behind the funding: The company plans to deploy the current proceeds to scale up its team, invest in technology and expand in other topographies in India.

About EekiFoods:

Founded in Dec 2018 by IIT Bombay Alumni Abhay Singh and Amit Kumar, EekiFoods is an agritech firm that grows high-quality, residue-free Indian staple vegetables through their patent-pending Plant Growth System. Its system utilizes IoT-enabled medium-less growing technology, which is capable of producing nutritionally rich and nutritionally fortified vegetables without harmful pesticides and chemicals, enabling farmers to grow a wide range of nutritious, tasty, and residue-free vegetables throughout the year. The company is partnering with Corporates, HNIs, Investors and local businesses to set up farms in Jaipur, Kota, on the outskirts of Mumbai-Pune, NCR and across Pan-India. 

What the Investors have to say:

Anjali Bansal of Avaana Capital said, “We are excited to partner with Amit and Abhay on their journey to transform Indian agriculture. Grounded in research and innovation, the Eeki team has proven their ability to build climate-resilient food systems in a highly resource-efficient manner while providing commercial gains to partner farmers. The company’s advanced proprietary technology enables them to produce and sell high-quality daily vegetables at affordable costs, and we are confident about the team’s ability to scale from here to create a large business.”

Vaibhav Domkundwar of Better Capital said, “Eeki is a big, bold idea backed by patent-pending innovation that has the potential to change the food chain in India. We seek founders like Amit and Abhay, and we are fortunate to be partnering with Eeki from group zero.”

Mrunal Jhaveri of Icebreaker, “The EekiFoods team struck me with their excellent product-market fit, as seen by the rapid expansion of their customer base in a really short period of time. Comparatively to other coco-peat-dependent hydroponic growers, Eeki’s revolutionary vegetable production system can reduce growing costs by 50%.”

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