INI Farms, a fruits and vegetable exporter, has raised Rs 16 crore (around $2 million) in a fresh funding round from ESG First Fund, managed by impact investor Aavishkaar Capital in partnership with German state-owned investment and development bank KfW.

InI Farms | Indian Origin Global Fruit Brand

Founded by Purnima Khandelwal and Pankaj Khandelwal in 2009, INI Farms is an exporter of fruit and vegetable crops.

With its large-scale pan-India operations spanning contract farming, aggregation and supply chain management and serving food retailers globally, the firm has established itself as a leader in pomegranate, banana and fresh-cut exports, ranking amongst the top 3 exporters by volume.

Speaking about the development, Purnima Khandelwal, CEO and Co-founder of INI Farms, said,

“The agriculture story in India is poised for a multi-fold growth. We believe that large platforms providing end-to-end services to the farmers from advisory and inputs to output offtake is going to drive this transformation.”

She added that this investment would provide the startup with a great opportunity to grow multi-fold with expansion into the entire agriculture output business and leveraging our strong supply chain capabilities.

The agritech startup is focused on building a tech-driven global fruit brand and is present in over 35 countries with its brand Kimaye and works with over 5,000 farmers.

Commenting on the development, Abhishek Mittal, Partner-Credit, Aavishkaar Capital, said,

“We are excited to invest in INI Farms and support them in their next phase of growth as it expands its product offering and geographical reach. Aavishkaar Capital is excited to foray into structured credit products with ESG First Fund, and we look forward to partnering with high-growth businesses across Asia and Africa that are operating in global supply chains. We are committed to empowering such businesses with non-dilutive and flexible financial solutions that are better aligned to their growth needs.”

Meanwhile, the ESG First Fund is a fund worth $250 million, which aims to invest in Asia and Africa with a focus on achieving excellent Environmental, Social, and Governance (ESG) outcomes while generating profitable financial returns and positive social impact. Its primary goal is to enhance these aspects, especially within the supply chains that cater to the European markets.

As per Economic Survey 2022-2023, in the last four years, agritech startups in India raised around Rs 6,600 crore in funding from private equity investors. The Indian agritech sector is likely to grow in scale and will have 8-10 startups with more than a billion dollars in value each over the next five years.

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