Agritech platform Vegrow secures $25 million in the Series B round of funding
- ByStartupStory | July 11, 2022
Fruit B2B agri-tech platform Vegrow has secured $25 million in a Series B funding round that was spearheaded by Prosus Ventures. According to Shobhit Jain, Vegrow’s co-founder, the agri-tech business would utilise the incoming cash to employ for a variety of jobs, strengthen its tech stack, and extend its regional footprint. The Bengaluru-based firm most recently secured $13 Mn in a Series A funding round in July 2021.
Among other farming-related services, Vegrow offers a variety of tech solutions to farmers, including crop consulting, grading, packing, shipping, and sales. Over 200 tonnes of fruits are processed each day by Vegrow. The addressable market size for fresh fruits and vegetables is $43 billion, according to the Vegrow website, said Jain.
With a gross margin of roughly 20%, it has reportedly increased 15 times in the last year, according to Vegrow. “Our comprehensive tech and data stack throughout the value chain has enabled the expansion,” the company said. In tier-I, tier-II, and tier-III marketplaces, “we have developed skills to harness farmer talk, estimate agricultural yield, and monitor demand,” he added.
About Vegrow:
Vegrow, a company that was started in 2020 by Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik, asserts to be present in over 100 cities and to assist over 20,000 farmers in reaching the market.
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