Matrix Partners-backed business-to-business (B2B) agritech company Vegrow has raised $25 million as part of its Series B funding round led by Proses Ventures, the company said in a statement on July 11.
Existing investors Matrix Partners India, Elevation Capital, Lightspeed India, Ankur Capital and angel investor Sanjiv Rangrass also participated in the funding round, the company said.
The new round has come after a gap of 12 months for the Bengaluru-based startup which picked up $13 million in Series A in July last year.
The startup has raised $40.5 million to date and was valued at around $50 million during the last fundraise, according to our data platform Fintrackr’s estimates. The current valuation couldn’t be ascertained.
The funds will primarily be used for expansion into more demand centers, establishing dominance across supply micro-pockets and hirings, said VeGrow in a press release.
The new round has come after a gap of 12 months for the Bengaluru-based startup which picked up $13 million in Series A in July last year.
The startup has raised $40.5 million to date and was valued at around $50 million during the last fundraise, according to our data platform Fintrackr’s estimates. The current valuation couldn’t be ascertained.
The funds will primarily be used for expansion into more demand centers, establishing dominance across supply micro-pockets and hirings, said VeGrow in a press release.
About Vegrow
Founded in 2020 by Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik, Vegrow claims to have a presence in more than 100 cities and it helps around 20,000 farmers to reach the market.
Vegrow provides a range of tech solutions such as grading, packaging, logistics and sales as a service to farmers, along with crop advisory, among other farming-related services. According to Jain, Vegrow processes more than 200 tonnes of fruits per day.
According to Vegrow’s website, the fresh fruits & vegetable business has an addressable market size of $43 Bn. At the same time, an Inc42 report on India’s agritech market suggested that India’s agritech opportunity is expected to grow to $24.1 Bn by 2025. A Bain & Company report pegs India’s agritech market at $35 Bn by 2025.
The company provides product sourcing, food processing, branding, marketing, last-
mile distribution, and farm inputs, giving WayCool control over the food value chain. The startup distributes a variety of directly-sourced fresh produce, works with more than 150,000 farmers, and runs a full-stack product range across several channels, to 100,000 clients.
Vegrow has an annualized revenue run rate of $200 Mn. “We aim to grow sustainably and deliver a $5 Bn outcome within the next five years,” Jain added.
