A series B investment headed by Prosus Ventures garnered $25 million for the Indian agritech firm Vegrow. Participating investors in the round were Matrix Partners India, Elevation Capital, Lightspeed India Partners, and Ankur Capital.
The Indian Institute of Technology (IIT) Madras grads Praneeth Kumar, Kiran Naik, and Mrudhukar Batchu, as well as IIT Kharagpur alumnus Shobhit Jain, created Vegrow in 2020.
The firm connects farmers with wholesalers and dealers through its B2B marketplace. Profiling produce quality, market intelligence, and other services are among its offerings.
Vegrow processes more than 200 tons of fruits each day and claims to have witnessed a 15x increase in monthly revenue over the past 12 months. Vegrow is presently active in 100 cities and works with more than 20,000 farmers.
The business is attempting to get into the $60 billion dollar fruit industry in India.
The additional funding will be used by Vegrow to build its business and bring on new employees in the product, engineering, and other verticals.
Lightspeed Venture Partners and Elevation Capital jointly sponsored a series A round in which the company raised $13 million in the US in July 2021. The round also included participation from Matrix Partners India, Ankur Capital, Better Capital, and Titan Capital.
