B2B Agritech Platform Vegrow raises $13 million led by Lightspeed Venture Partners & Others
Vegrow, a business-to-business agritech platform for fruits and vegetables, has raised $13 million in a series A investment round led by Lightspeed Venture Partners and Elevation Capital. Existing investors Matrix Partners India, Ankur Capital, Better Capital, and Titan Capital also contributed to the round.
The money would be used to help the company expand to 100 cities, invest in technology, and launch new products. Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik, all IIT graduates, founded Vegrow in 2020.
“At Vegrow, we focus on select products as compared to building a large basket. Each of these products is a multi-billion dollars’ opportunity,” said the founders of Vegrow. “This enables us to go deep in the product value chain and unlock massive growth in this sector. In fact, we have become one of the largest companies for pomegranates in the country in less than a year,” they said.
While India's B2B agri market is appealing at $300 billion, it is also a complex maze of fragmented supply, with more than 120 million farmers growing across 30 states. Vegrow is on a mission to unleash the power of India's agri value chain, focusing initially on the $50 billion fruits and high-value vegetables segment.
For farmers, the company addresses issues such as underutilization of farmland and supply fragmentation, while also providing consistent quality and fill rate to customers.
“Agriculture as a sector has largely remained removed from digital disruptions, despite the strong tailwinds of increasing internet penetration and adoption,” said Akarsh Shrivastava, vice president, Elevation Capital. “We believe any effort to digitize these value chains will have to keep farmers and their interests at the core. Vegrow’s farm-centred approach, coupled with strong insights, which are allowing the team to fundamentally re-imagine and augment these supply chains, stood out in our interactions.”
Vegrow has rapidly scaled among farmers and B2B customers, resulting in nearly 20x top-line growth and a presence in over 30 cities.
The money would be used to help the company expand to 100 cities, invest in technology, and launch new products. Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik, all IIT graduates, founded Vegrow in 2020.
“At Vegrow, we focus on select products as compared to building a large basket. Each of these products is a multi-billion dollars’ opportunity,” said the founders of Vegrow. “This enables us to go deep in the product value chain and unlock massive growth in this sector. In fact, we have become one of the largest companies for pomegranates in the country in less than a year,” they said.
While India's B2B agri market is appealing at $300 billion, it is also a complex maze of fragmented supply, with more than 120 million farmers growing across 30 states. Vegrow is on a mission to unleash the power of India's agri value chain, focusing initially on the $50 billion fruits and high-value vegetables segment.
For farmers, the company addresses issues such as underutilization of farmland and supply fragmentation, while also providing consistent quality and fill rate to customers.
“Agriculture as a sector has largely remained removed from digital disruptions, despite the strong tailwinds of increasing internet penetration and adoption,” said Akarsh Shrivastava, vice president, Elevation Capital. “We believe any effort to digitize these value chains will have to keep farmers and their interests at the core. Vegrow’s farm-centred approach, coupled with strong insights, which are allowing the team to fundamentally re-imagine and augment these supply chains, stood out in our interactions.”
Vegrow has rapidly scaled among farmers and B2B customers, resulting in nearly 20x top-line growth and a presence in over 30 cities.
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