Bangalore, India-based business-to-business (B2B) fruits marketplace Vegrow raised USD 25 million in Series B funding. The round took place on July 11, 2022. Prosus Ventures led the funding for Vegrow. Meanwhile, existing investors Matrix Partners India, Elevation Capital, Lightspeed India, Ankur Capital and angel investor Sanjiv Rangrass joined in the investment.

Utilization of Funds by Vegrow

With the latest capital infusion, the company plans to install more demand centres. Vegrow aims to expand its footprint into more cities. Besides, the agritech company will ramp up its hiring operations. They plan to expand the team size across engineering and other support function domains.

The recent funding brings the post-money valuation of the firm to around USD 170 million- USD 180 million.

Previously in 2021, Vegrow raised USD 13 million in Series A funding. Lightspeed Venture Partners and Elevation Capital co-led the funding back then.

What the founder has to say

“At Vegrow, we are focused on value creation for both farmers and customers. On the farmer’s side, we ensure a better realization through right matchmaking, fair and transparent business practices, and value chain innovations.” Praneeth Kumar, co-founder Vegrow.

Mrudhukar Batchu, Co-founder of Vegrow, said, “Our tech helps in matchmaking by the codification of customer quality, building future farm inventory, deskill supply chain, and crowdsourcing market intelligence (price, quality, and volume). Our system predicts real-time demand and pricing across markets for over 15 fruits.”

“The growth has been unlocked on the back of our deep tech and data stack across the value chain. We have built capabilities to harness farmer chatter, estimate farmland produce and measure demand across tier-I, II and III markets. We aim to grow sustainably and deliver a USD 5 billion outcome within the next five years,” said Shobhit Jain, co-founder at Vegrow.

What the investor has to say

Ashutosh Sharma, head of investments, India at Prosus Ventures, said, “We have been tracking the agritech space closely through our existing investments in fresh produce and animal protein segments. The fruit industries, historically unorganized, fragmented and inefficient, are poised for similar tech-led disruption. Vegrow has catapulted to pole position by serving pan-India demand through its focus on scale and technology. We are excited to back them as they chase the next level of growth in the country.”

About Vegrow 

Praneeth Kumar, Mrudhukar Batchu, Kiran Naik and Shobhit Jain co-founded Vegrow in 2020. The agritech company offers a B2B tech platform for fruits. It serves as a bridge to connect wholesalers and traders with farmers. It has a presence across 100 cities in the nation. Meanwhile, 20,000 farmers currently use Vegrow’s platform.

For more extensive analysis and Market Intelligence reports, feel free to approach us.

We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know

if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover

–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!

Next Article

Previous articleCampus Fund Raises USD 10 Million in Recent Funding
Next articleBerlin-based startup Kadmos raises USD 29.20 million in Series A funding
Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

LEAVE A REPLY

Please enter your comment!
Please enter your name here