Agritech Startup AgroStar Raises $70M In Series D Funding
Agrostar, an agritech startup, has raised $70 million in a Series D funding round led by Evolvence, global asset manager Schroders Capital, Hero Enterprise, and CDC (UK’s development finance institution).
Existing investors Aavishkaar Capital, Accel, Bertelsmann, Chiratae Ventures, and Rabo Frontier Ventures also participated in the funding round.
The startup plans to invest the raised funds in tech, scaling its platform in terms of deeper penetration with manufacturers and OEMs, launching exclusive products and private labels.
AgroStar | Helping Farmers Win
Founded by Shardul Sheth and Sitanshu Sheth, Agrostar leverages data and technology to solve farmers’ problems of access to good quality agri-inputs and bridges the knowledge gap owing to traditional farming practices.
Powered by an extensive amount of data and agronomy knowledge, the agritech startup is building the largest and most impactful agri-solutions platform to provide end-to-end solutions for Indian farmers.
Speaking on the development Shardul Sheth, Co-founder and CEO of AgroStar, said,
“There is no upper limit, but we have been super prudent when it comes to raising capital. For us, it is about solving a problem. For the next phase of our growth, the idea is to look at exactly what farmers need, and we felt this amount of capital is needed. It gives us opportunities to go after acquisitions, which we are going to actively evaluate. It allows us to do everything we want. We are an operationally profitable business and do not see the sense in burning money.”
As per Shardul, they have built one of the largest digital farmer networks and agri-inputs e-commerce platforms “solving for the information asymmetry and lack of access.” Today, Agrostar serves over five million farmers across the states of Maharashtra, Madhya Pradesh, Gujarat, Rajasthan, and Uttar Pradesh.
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