Vegrow Raises $46Mn in Series C Funding To Expand Across India The funding round was led by GIC
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B2B fruits marketplace Vegrow has raised US$46M in primary and secondary funding. The new funding round is led by GIC, Singapore's sovereign wealth fund, with significant participation from existing investor Prosus Ventures, and continued support from Matrix Partners India, Elevation Capital, and Lightspeed. Avendus Capital was the exclusive financial advisor to Vegrow on this transaction.
"Vegrow's competitive advantage is the depth of its multi-channel demand stack and its use of technology for demand-supply matchmaking. The company maximizes farmers' income, by accurately grading produce and efficiently matching it with the most suitable demand channel. This creates a virtuous cycle, attracting more farmers through competitive pricing as well as more buyers, who seek consistency in both price and quality," the company said in a statement.
The company was in 2020 by IIT alumni Praneeth Kumar, Mrudhukar Batchu, Kiran Naik and Shobhit Jain. The funds will be utilized to drive Vegrow's reach across India and fortify its global network.
For GIC, Vegrow marks its first agri-tech and B2B investment in India. "Vegrow is the fastest agri-tech company to build a national presence, having done this within three years of its inception. Typically, it takes double the time to achieve this scale of operations," said Vegrow Co-founder, Praneeth Kumar.
"At Vegrow, we distinguish ourselves from conventional operations, by creating an organizational ethos centered on agility and experimentation. Through the extensive utilization of data and technology, we provide valuable insights and optimize supply chain challenges, such as reducing perishable inventory wastage to only one-fourth of industry average, and consistently achieving industry-leading profit margins," added Vegrow Co-founder, Mrudhukar Batchu.