Agritech Startup AgroStar To Receive $7 Million From Accel, Bertelsmann
- ByStartupStory | October 6, 2021
Agritech startup AgroStar is raising Rs 53 Cr as part of a funding round led by Aavishkaar Bharat Fund, Accel India and Bertelsmann. The new injection appears to be part of the startup’s Series D funding.
The startup will raise Rs 47.3 from the Aavishkaar Bharat, Accel India and Bertelsmann fund by allocating a total of 1,68,178 E Series compulsory convertible preferred shares (CCPS) at an issue price of Rs 2,816.06.
It should be noted that the UK-based CDC group has disclosed that it has invested in AgroStar through the Aavishkaar Emerging India fund, which is managed by Aavishkaar Venture Management Services.
The startup raised an additional Rs 5.2 Cr by allocating 20,796 Optional Convertible Redeemable Preference Shares (OCRPS) to Innoven Capital India. All the investors mentioned above have already invested in this startup.
According to the document, the startup will use the new capital for growth, expansion and other general activities of the company.
AgroStar was founded in 2013 by Shardul Sheth and Sitanshu Sheth. It provides application-based and IVR (Interactive Voice Response) services to provide farmers with agricultural solutions.
Their services include expert advice on agricultural production, ordering and home delivery of high-quality agricultural products such as seeds, fertilizers and pesticides. Farmers can use these services at any time during the crop life cycle through missed calls or through their Android apps.
In 2019, this Pune-based agrotech startup raised $27 million in Series C funding led by Bertelsmann India, Accel India, Chiratae Ventures and Aavishkaar Bharat Fund.
The startup raised $10 million in 2017 with Series B funding from Accel Partners. It had previously raised $4 million from Chiratae, Aavishkaar and Snapdeal Kunal Bahl and Rohit Bansal.
The Indian agricultural technology market continues to grow with the support of a high-speed digital infrastructure. According to the Inc42 Plus analysis, the agricultural technology market in India is expected to reach $24.1 billion by 2025. The report pointed out that there are currently more than 1,000 agro-tech startups in India. So far, from 2014 to the first half of 2021, the country’s agricultural technology start-ups have raised nearly
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