AgroStar Raises $58 Crore from Accel India and Other Investors
AgroStar, an agritech startup, has raised ₹57.6 crore (about $6.7 million) in a fresh funding round, led by existing investor Accel India. The round saw participation from Aavishkaar India, Bertelsmann, Evolvence India, Chiratae Ventures, and Hero Enterprises.
As per a regulatory filing with Inc42, the board of AgroStar had approved the issue of 145,385 compulsory convertible non-cumulative preference shares (CCPS) at the issue price of ₹3,965 per share. Further, the startup made another separate filing that it issued 21,940 CCPS to Bertelsmann Nederland B.V. at the same price, raising ₹8.6 crore.
Established in 2013 by Sitanshu Sheth and Shardul Sheth, AgroStar leverages data and technology to overcome the problems faced by farmers in obtaining quality agricultural inputs, essentially closing the knowledge gap. AgroStar acquired INI Farms in 2022, enabling its network of farmers to reach global markets across more than 25 countries.
The firm currently runs its business across about 11 Indian states of Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, and Uttar Pradesh. In accordance with its website, over 9 million farmers are currently served by the digital farmer network and agri-input platform of AgroStar.
AgroStar has raised $70 million in Series D from Evolvence, Schroders Capital, a global asset manager, Hero Enterprise, and CDC, the UK's development finance institution, in 2021. The startup competes with agritech players DeHaat, WayCool, and Ninjacart.
In FY22, AgroStar's operating revenue was ₹260 crore, 1.9x that of ₹138.2 crore in the year before that. Its losses, though, deepened to ₹142 crore from ₹74 crore in FY21. The firm has not yet submitted its FY23 and subsequent financials.
This capital arrives at a point when investor appetite for the agritech space is slowly picking up. Last month, Grow Indigo raised $10 million from British International Investment (BII), while Swiss-Indian agritech platform Innoterra picked up homegrown agritech platform Fasal's fresh food distribution business.
As technology keeps on entering India's huge agriculture sector, agritech startups are riding on the large potential of this sector. As per Inc42's report, agritech startups in India have raised more than $2.4 billion in 285 deals since 2014 up to February 2024.
As per a regulatory filing with Inc42, the board of AgroStar had approved the issue of 145,385 compulsory convertible non-cumulative preference shares (CCPS) at the issue price of ₹3,965 per share. Further, the startup made another separate filing that it issued 21,940 CCPS to Bertelsmann Nederland B.V. at the same price, raising ₹8.6 crore.
Established in 2013 by Sitanshu Sheth and Shardul Sheth, AgroStar leverages data and technology to overcome the problems faced by farmers in obtaining quality agricultural inputs, essentially closing the knowledge gap. AgroStar acquired INI Farms in 2022, enabling its network of farmers to reach global markets across more than 25 countries.
The firm currently runs its business across about 11 Indian states of Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, and Uttar Pradesh. In accordance with its website, over 9 million farmers are currently served by the digital farmer network and agri-input platform of AgroStar.
AgroStar has raised $70 million in Series D from Evolvence, Schroders Capital, a global asset manager, Hero Enterprise, and CDC, the UK's development finance institution, in 2021. The startup competes with agritech players DeHaat, WayCool, and Ninjacart.
In FY22, AgroStar's operating revenue was ₹260 crore, 1.9x that of ₹138.2 crore in the year before that. Its losses, though, deepened to ₹142 crore from ₹74 crore in FY21. The firm has not yet submitted its FY23 and subsequent financials.
This capital arrives at a point when investor appetite for the agritech space is slowly picking up. Last month, Grow Indigo raised $10 million from British International Investment (BII), while Swiss-Indian agritech platform Innoterra picked up homegrown agritech platform Fasal's fresh food distribution business.
As technology keeps on entering India's huge agriculture sector, agritech startups are riding on the large potential of this sector. As per Inc42's report, agritech startups in India have raised more than $2.4 billion in 285 deals since 2014 up to February 2024.
