SINE IIT Bombay's Navork Raises $200K at $3.2 Million Valuation for Mushroom Farming Innovation
Navork Innovations, a startup nurtured at SINE IIT Bombay and ICAR-IARI, Pusa, focuses on enhancing the quality and prolonging the shelf life of fresh produce like fruits and vegetables. Recently, they secured a seed funding of $200,000 at a valuation of $3.2 million. The investment was led by a consortium of Japanese angel investors introduced by Shiru Startup from Nikken Group, Spring Star Capital Group, ICAR-IARI, and additional contributors, combining equity and grants.
Navork has introduced an inventive solution known as "Navgri Smart Mushroom Protect", a patented innovation dedicated to improving the longevity and quality of mushrooms. This pioneering product has received backing from IIT Delhi and ICAR-Directorate of Mushroom Research scientists. CCAMP, SINE IIT Bombay, served as an early supporter of the company, contributing to the research and development of this unique product through the agri grand challenge.
Abhishek Sahgal, the founder of Navork and an alumnus of IIT Delhi and KTH Sweden, expressed pride in the creation of "Navgri Smart Mushroom Protect". He highlighted the impact on mushroom farming, especially in regions where farmers previously encountered significant losses due to poor quality and short shelf life.
Mushrooms, despite being categorized as vegetables, possess inherent perishability as fungi. "Navgri - Smart Mushroom Protect" confronts this challenge by delaying cap opening, microbial degradation, and browning of mushrooms, ensuring their freshness for an extended duration. Abhishek Sahgal emphasized that "Navgri" assists farmers in preserving improved mushroom quality for an extended period, enabling the transportation of fresh mushrooms to distant places like Nepal and Hyderabad even up to 36 hours after harvest. This results in improved prices for farmers and reinforces the brand value of their mushroom farms.
Navork has introduced an inventive solution known as "Navgri Smart Mushroom Protect", a patented innovation dedicated to improving the longevity and quality of mushrooms. This pioneering product has received backing from IIT Delhi and ICAR-Directorate of Mushroom Research scientists. CCAMP, SINE IIT Bombay, served as an early supporter of the company, contributing to the research and development of this unique product through the agri grand challenge.
Abhishek Sahgal, the founder of Navork and an alumnus of IIT Delhi and KTH Sweden, expressed pride in the creation of "Navgri Smart Mushroom Protect". He highlighted the impact on mushroom farming, especially in regions where farmers previously encountered significant losses due to poor quality and short shelf life.
Mushrooms, despite being categorized as vegetables, possess inherent perishability as fungi. "Navgri - Smart Mushroom Protect" confronts this challenge by delaying cap opening, microbial degradation, and browning of mushrooms, ensuring their freshness for an extended duration. Abhishek Sahgal emphasized that "Navgri" assists farmers in preserving improved mushroom quality for an extended period, enabling the transportation of fresh mushrooms to distant places like Nepal and Hyderabad even up to 36 hours after harvest. This results in improved prices for farmers and reinforces the brand value of their mushroom farms.