B2B Marketplace For Fruits Vegrow Raises $25M In Series B Funding
Vegrow, a B2B marketplace for fruits, has raised $25 million in a Series B funding round led by Prosus Ventures. The funding round also saw participation from investors, including Matrix Partners India, Elevation Capital, Lightspeed India, and Ankur Capital.
As per the startup, the raised funds will be used to expand into demand centres and hire across domains, including product, engineering, and other support functions.
Vegrow | B2B Marketplace For Fruits
Founded by IIT alumni Mrudhukar Batchu, Praneeth Kumar, Shobhit Jain, and Kiran Naik in 2020, Vegrow is an agritech startup that increases the net earnings of partner farmers by leveraging technology across different stages of the farming cycle.
The startup partners with farmers, aggregates supply, and sell to organized demand through partnerships.
Speaking about the startup, Shobhit Jain, Co-founder of Vegrow, said,
“The growth has been unlocked on the back of our deep tech and data stack across the value chain. We have built capabilities to harness farmer chatter, estimate farmland produce and measure demand across tier-I, II and III markets.”
Vegrow simplifies farming and increases the land utilization for farmers, helping bring demand and supply-side traders and buyers of fruits on a singular platform and helping them with trading. The startup helps farmers in crop planning, gives them access to quality inputs, monitors their adherence to practices, and sells their harvest to the right sets of buyers.
Vegrow is expected to have annualized revenue run rate of $200 million by end of the current financial year, stated Shobhit. The startup aims to grow sustainably and deliver a $5 billion outcome within the next five years.
For the last few years, it’s been raining money for agritech startups in India. In 2022, several Indian agritech startups, including Chennai-based B2B food and agritech platform WayCool Foods, Pepper Farms, Arya.ag, Agrowave, MoooFarm, Otipy, and Fyllo, among others, have raised funds.