Growcoms, a Spice Tech Company, Secures $3.5 Million in Funding
- ByStartupStory | November 3, 2023
Spice tech company Growcoms has successfully raised $3.5 million in a new funding round. This funding round was co-led by JSW Ventures and Arali Ventures, with the participation of existing investor InfoEdge Ventures.
Notably, Growcoms had previously secured $1 million from InfoEdge Ventures, further emphasizing the company’s growth and potential in the market. This marks the maiden investment for both JSW Ventures and Arali Ventures in the agritech space, signifying their trust in Growcoms’ vision and mission.
According to a press release by Growcoms, the freshly acquired funds will be instrumental in enhancing their product portfolio and technology stacks. The company is determined to develop key capabilities that will enable traceability for spice exports and value-added products.
Established in 2020 by co-founders George Kurian Kannanthanam, Narendranath P, and Bibin Mathews, Growcoms has set out to revolutionize the spice value chain. Their approach involves optimizing production capabilities, empowering farmers, and providing traceable spices to global markets through digital means.
Over the past two years, Growcoms has made significant strides in expanding the scale and scope of its operations. The company has established sourcing hubs in major spice-producing regions and identified trusted suppliers to transform raw materials into value-added spices. This enables them to meet the growing demand from markets worldwide.
Currently, Growcoms serves a diverse range of customers, including food companies, flavor houses, FMCG companies, and seasoning brands. Their commitment to quality and traceability has made them a valuable partner in the spice industry.
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It’s worth noting that Growcoms was incubated by Indigram Labs in 2021, further highlighting their dedication to innovation and growth in the agritech sector.
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