Funding Alert

CropIn, an agtech startup secures $14 million in funding from Google and others


Agritech company CropIn is raising new funds almost a year after its Series C round, and it has already secured $14 million, or Rs 113.4 crore, from Google, Singapore-based Impact Assets, and current investors. 

According to its regulatory filing with the Registrar of Companies, CropIn has passed a special resolution to issue 95,590 pre-series D CCPS at an issue price of Rs 11,862.68 per share in order to raise Rs 113.4 crore, or $14 million.

While current investors Chiratae Ventures and JSR Active Innovation Fund contributed Rs 24.47 crore and Rs 8.16 crore to the pre-series D round, respectively, Google and Impact Assets invested Rs 40.78 crore and Rs 40 crore.  CropIn is probably going to raise more money in the upcoming weeks as the Series D round appears to still be active. Cropin Cloud, the company’s flagship product, offers data and intelligence to improve farming efficiency, scale productivity, and manage risk. CropIn was founded in 2010. According to its website, it has affected the livelihood of 7 million farmers across 92 countries and digitalized 16 million acres of farmland.

Cropin

After the investment, Impact Assets now controls 18.20% of CropIn, while Google has 5.46%. 6.78% and 1.11% of the company are owned by Chiratae Ventures and JSR Active Innovation Fund, respectively. Post-allotment estimates place the company’s value at roughly $91.3 million, or Rs. 740 crore. 

The agritech ecosystem in India has gained speed over the last two years as startups in the sector would get over $640 million in investments by 2022. A study stated that the division has collected $636 million in 2021. The top three businesses in terms of valuation and revenue are DeHaat, Ninjacart, and Waycool.

This appears to be Google’s first direct investment in an Indian agritech business. The country’s selected agritech businesses will be mentored by specialists from the sector and Google, according to the search engine giant’s most recent announcement.

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