Kochi-based Growcoms Spices Up the Market by Raising $3.5 Million in Fresh Funding
Growcoms, a Kochi-based B2B marketplace for spices, has made headlines by securing $3.5 million in funding led by JSW Ventures and Arali Ventures. The funding round also saw participation from existing investor InfoEdge Ventures.
As per the startup, the freshly raised funds will be used to enhance its product offerings and technology infrastructure. The startup plans to focus on building capabilities, enabling traceability for exports, and the development of value-added spices.
This deal marks the foray of JSW and Arali Ventures into agritech investments.
Growcoms | B2B Marketplace for Spices
Founded by George Kurian, Bibin Mathews, and Narendranath P in 2020, Growcoms is a Kochi-based B2B marketplace for spices that connects buyers and sellers in the spice market, also offering a suite of additional features.
Working with a mission to revolutionize the spice industry, the startup leverages blockchain technology, ensuring traceability and quality, thereby enhancing the efficiency of the entire value chain.
Speaking about the development, George Kurian, Co-founder and CEO of Growcoms, highlighted the company’s mission to improve the spice value chain. The startup aims to do this by optimizing production capacities, empowering farmers, and supplying traceable spices to global markets digitally.
“The investment and partnership with like-minded investors will help Growcoms strengthen its global presence and enhance efficiencies throughout the value chain.”
The startup’s suite of services includes quality inspection, product development, and, most notably, traceability, which are crucial for enabling exports of high-value spices. In addition to spices, the Kochi-based startup also offers powders, oils, oleoresins, and seasonings. In 2022, Growcoms raised $1 million (around Rs 7.8 crore) in a pre-series A round of funding led by Info Edge.
India Dominating the Spice Industry
Growcoms highlighted that India currently commands an impressive 70% share in global spice production. The industry is expected to maintain this growth trajectory with a projected CAGR of 10%, reaching $27 billion by 2027. Spices produced in India reach over 165 countries, cementing our country’s status as the world’s leading spice producer.
According to data from the Commerce Ministry, the Indian spice industry has witnessed tremendous growth over the past nine years, with the value reaching Rs 3,995 crore in the fiscal year 2022–23, up from Rs 1,778 crore in 2013–14. Our country produced 15.31 lakh tonnes of spices in 2021–22 and 2022–23, as per data from the Spice Board of India.
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