Bengaluru-based agritech startup VeGrow, a startup focussed on aggregating small farms in India, has raised $2.5 million in a seed funding round led by Matrix Partners India and Ankur Capital. The platform looks forward to bring economies of scale to Indian farmers with the use of technology.
Others who participated in the funding round included Better Capital, Titan Capital, Sanjiv Rangrass, ITC’s agribusiness CEO, Rohit MA, Cloudnine founder, Ramakant Sharma, Livspace founder, and Amit Lakhotia, founder at Park+.
Ritu Verma, Co-founded & Managing Partner at Ankur Capital, said,
“We are excited to kick off our second fund by partnering with VeGrow. The team’s depth of understanding the market, coupled with their approach to use technology to drive scale, is what we feel sets them apart.”
Helping increasing farmer’s earnings
VeGrow is an agritech startup founded by IIT alumni Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik in April, which has partnered with small farmers on a profit-sharing model that helps in improving their income by leveraging technology across various stages the farming cycle. They do so by helping with crop planning, monitoring their adherence to quality practices, and ultimately selling their harvest to the right customers.
As reported by ET (1), Tarun Davda Managing Director at Matrix Partners India, said,
“VeGrow’s model of aggregating fragmented farms to help unlock economies of scale with technology-led interventions, significantly increases the earning potential of their partner farmers.”
VeGrow is investing technologies that will help farmers in improving their farming techniques and thereby increase their supply chain efficiency. The four founders of the startup themselves have varying levels of experience in the farming sector with Praneeth and Shobit’s tenure in ITC’s agribusiness division and Mrudhukar and Kiran’s practical farming experience.
Link : https://timesnext.com/agritech-startup-vegrow-raises-matrix-partners/
Author :- Saumya Uniyal
July 21, 2020 at 02:09PM
TimesNext