Agritech Startup Sorted Raises Over $5 Mn Seed Funding
Sorted, a Gurugram-based online fruits and vegetables delivery startup, has raised over $5 million (around Rs 41.31 crore) as part of its seed funding round. The funding round saw participation from several investors, including Beenext, Titan Capital, and White Venture Capital, among others.
As per the startup, the freshly raised funds will be used to scale up the technology stack and hire and set up regional and national supply chains for the fruits and vegetables.
Sorted | Fruit And Vegetable Delivery
Founded by Nitin Gupta, Anant Goel, and Sahil Madan, Sorted is an agritech startup enabling sustainable access to fresh, unadulterated fruits & veggies to urban households.
It is an omnichannel platform delivering quality fruits and vegetables and undertakes such deliveries through its platform, along with its franchisee network of existing local neighbourhood stores.
Speaking about the development, Anant Goel, Founder & CEO of Sorted, said,
“Sorted is not attempting to change the way India buys F&V, it’s plugging the inefficiencies that plague the existing supply chains. We have undertaken multiple POCs over the last 9 months to solve for the known industry issues, especially wastage while answering for growth and profitability.”
As per the startup, it has its own technology and a franchisee network of digitized mom-and-pop stores. The Gurugram-based platform enables access to fresh fruits and vegetables straight from the farm at competitive prices.
Users of the app can access the platform through any medium, i.e. call, message, online or offline–across its network of mom-and-pop stores.
According to Anant Goel, existing grocery models struggle to solve for the fresh fruits and vegetables segment as it is optimized for FMCG (fast-moving consumer goods) sales. Commenting on the same, Nitin Gupta stated that with data-first, AI-led forecasting, demand analysis and price benchmarking, Sorted is able to deliver better value to farmers and higher income for mom-and-pop shops while improving quality and reducing prices for the end customer.”
In the last four years, Indian agritech startups raised around Rs 6,600 crore in funding from private equity investors, as per Economic Survey 2022-2023. A report by Avendus Capital also highlighted that India’s 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.
Earlier this month, Gurugram-based agritech startup Barton Breeze raised $800,000 (around Rs 6.6 crore) in a pre-Series A funding round from a clutch of several angel investors.
In January, agritech startup MeraTractor, offering a phygital marketplace catering to farm mechanization products, raised Rs 5 crore in funding. Also, Cropin Technologies, a Bengaluru-based agritech firm, raised Rs 113 crore ($13.7 million) in funding.
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