Absolute Foods, a farming and supply chain startup, is in talks to raise $75-90 million (Rs 558-670 crore) in a fresh funding round led by global investors-Falcon Edge and Tiger Global.

First reported by ET, citing three sources, the funding round will be valuing Absolute Foods at $250-300 million. As reported, the farming and supply chain startup is likely to raise a large portion of the amount in a few weeks, potentially making it one of the biggest Series A funding rounds in India’s agritech space.

One of the people aware of the details stated that currently, due diligence is being carried out, and the final binding offers will be submitted in a fortnight.

The source added,

“It wanted to raise a smaller $10-20 million round, but the investor interest has forced them to extend the round. It could be $50 million now with the remainder coming in as an extended round.”

[Read: Factors Driving The Growth Of Agritech Industry In India]

Absolute Foods | Transforming Food for Future

Founded in 2016 by Agam Khare, Samder Singh and Prateek Rawat, Absolute Foods controls the whole cycle of agri produce from seed to harvest. 

With its AI-driven digital platform, which can be implemented across vertical farms, greenhouses and open farms, the startup enables farmers to grow crops without using synthetic enzymes and genetically modified organisms. The startup’s AI-driven digital platform can identify 63 crop variants and their ideal harvesting environments.

With a presence across India, the Middle East and North Africa, the farming and supply chain startup works with over 8,000 farmers across 25,000 acres.

In March 2021, Absolute Foods raised $2 million through Sequoia Capital’s incubation programme, Surge, and two angel investors: Sanjiv Rangrass and Nadir Godrej.

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