Funding Alert

Agritech startup Absolute Foods Raises $100 Mn from Sequoia, Tiger Global among others

• ByStartupStory     |    May 6, 2022

Agritech startup Absolute Foods has secured USD 100 Million in its first institutional funding round from Alpha Wave Global (AWI) , Tiger Global and Sequoia Capital India at a valuation of USD 500 Million.

Absolute Foods will be using the fresh funds to ramp up hiring and expand to newer geographies. The company will further use the capital to strengthen its three core platforms – Farm Operating System (FARM OS), its global trade platform for farm produce, and bioscience research and development (R&D) platform BioX.“This capital helps us with technology expansion, hiring talent, and scaling to newer markets and segments,” Absolute Foods Chief Executive Officer Agam Khare said.

 

The startup was founded in 2015 by Samder Singh, Agam Khare and Prateek Rawat. The company controls the whole cycle of agricultural produce, from seed to harvest, and its unique offering includes AI-driven FARM OS that can be implemented across vertical and open farms, which enables farmers to grow crops without using synthetic enzymes.  Absolute Foods was incubated as part of Sequoia India’s Surge programme.

In March 2021, the company raised USD 2 Million from Sequoia India and a bunch of other angel investors. The startup claimed that its revenue grew 12 times in the last year and that its fresh produce is served across ten countries. Absolute Foods also said it is in the process of deploying Farm OS across more than 1,00,000 acres of its precision farm network. The startup’s main competition in the agritech sector includes DeHaat, Gramophone, Bijak, Onato, among others.

 

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