Funding Alert

Agri-input startup Agrostar raises $70 million in Series D round of funding

• ByTejika Bajaj     |    December 8, 2021

The agri-input startup Agrostar recently announced that it has raised $70 million through its series D round of funding led by Evolvence, Hero Enterprises, global asset managers Schroders Capital and UK’s development finance institution CDC. The round also saw participation from existing investors Aavishkaar Capita, Accel, Bertelsmann, Chiratae Ventures and Rabo Frontier Ventures. 

The startup aims to utilize the recently infused capital to accelerate its growth through omni channel expansion as well as market linkages. With this round of funding, Agrostar joins the long list of agritech startups that have seen record funding in 2021.

Expressing his delight over the recent round of funding, the co-founder and CEO of Agrostar, Shardul Sheth said, “We are now doubling down on our omnichannel strategy to provide a seamless experience to our farmers across various touch points both digital and physical. We plan to utilise the funding to strengthen our tech platform, hire senior talent, expand into new categories, geographies and scale to over 5,000 AgroStar branded retail stores to fuel our omnichannel strategy. We will also expand our services to provide market linkage value additions for our farmer base and we will look at acquisition opportunities in this area.”

Founded in 2013 by Shardul Sheth and Sitanshu Sheth, Agrostar is a leading agri-tech startup which leverages data and technology to solve farmer’s problems of access to good quality agri-inputs and bridge the knowledge gap which exists due to traditional farming practices. AgroStar currently operates in the states of Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, and Uttar Pradesh. Its digital farmer network and agri inputs platform serve over five million farmers.

Talking about their recent investment, the Managing Director of Evolvence India, Abhishek Chandra stated, “AgroStar’s business model addresses the service gap in the Agri space by building the largest tech-enabled omnichannel platform that enables farmers to access knowledge and buy quality products across channels.”

Follow Startup Story