New Delhi, India-based plant bioscience startup Absolute Foods raised USD 100 million in a Series B funding round. On May 05, 2022, Sequoia Capital India, Alpha Wave Global, and Tiger Global Management led the funding for Absolute.
The new investment saw Absolute’s valuation at approximately USD 500 million.
Purpose of Funding for Absolute
With the recent funding round, the company will use the funds to bolster its three core platforms – plant bioscience research and development platform, BioX; a universal Farm operating system that deals in diverse plantations and a global trade platform for its produce.
Moreover, Absolute will also look for technological expansions. It eyes to scale newer markets and more customer segments. Meanwhile, the plant and bioscience startup will ramp up hiring across various operations.
Earlier in 2021, Absolute raised USD 2 million from Sequoia Capital’s incubation programme, Surge, and angel investors, including Nadir Godrej, Chairman and Managing Director, Godrej Industries; Sanjiv Rangrass, Group R&D Head at ITC; and Kunal Shah, Founder of CRED.
In the last year, the company’s revenue has grown 12 times. Currently, it operates nearly 100,000 acres of precision farming across ten countries.
What the founders have to say
“At Absolute, we are constantly fostering research to drive exponential innovations inspired by biology to create the next agricultural revolution that is resilient and sustainable. This capital helps us with technology expansion, hiring talent, and scaling to newer markets and segments,” said Agam Khare, Founder and CEO of Absolute.
“We aim to provide a seamless experience to farmers by bridging science, technology, and innovation gaps in traditional farming practices,” said Prateek Rawat, COO and Co-Founder of Absolute.
What the investor has to say
GV Ravishankar, Managing Director, Sequoia India, said, “The team at Absolute has spent years researching every crop and truly understanding why plants grow, behave, and live in certain ways. The Sequoia Capital India team is proud to partner with this visionary team on their path-breaking solutions to bring value to the agriculture economy.”
“Absolute’s AI-driven scientific approach to agriculture creates a meaningful uplift for all participants across the agri value chain. Farmer profitability rises meaningfully, driven by an increase in yield and produce quality. This allows Absolute to trade globally at healthy margins,” said Navroz D. Udwadia, Co-Founder, Alpha Wave Global
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