Funding Alert

CropIn, supported by the Gates Foundation, plans to raise up to $70 million in a series D funding

• ByStartupStory     |    December 1, 2022

According to co-founder and CEO Krishna Kumar, the agritech startup CropIn expects to raise $50–70 million as part of its Series D fundraising round, which will be led by a sizable tech business and a foreign venture capital fund. In addition to new investors, the round is anticipated to close in three to four months, according to Krishna. He opted not to share the new investors’ names or the valuation the company will receive from the fundraising.

According to the CEO, the business funded by the Bill & Melinda Gates Foundation would increase recruiting and operations at its new subsidiaries in the US and Singapore. CropIn established a company in the Netherlands last year to market its agri-tech solutions throughout the European Union. According to estimations from Tracxn, CropIn’s most recent valuation was $67.5 million. The Bengaluru-based business will have raised a total of $80-100 million after this new investment. It had raised $20 million in Series C fundraising in January of last year, led by ABC World Asia, with participation from current backers Chiratae Ventures and Ankur Capital. The CDC Group, Beenext, and the family office of Kris Gopalakrishnan are further investors. CropIn plans to go public in four to five years, the CEO said.

CropIn, a company that was founded in 2010, offers agribusinesses cloud software-based solutions to help them use data to maximize production. The business claims to have digitized 26 million acres of farmland across 56 nations and has collaborated with over 250 enterprise clients.

CropIn Cloud, a platform for businesses with integrated apps for agriculture that gives customers access to tools for machine learning, earth observation, and remote sensing so they can better manage crops and harvests, was just introduced by the company.

According to the business, use cases include pest identification, yield estimations, visibility of the supply chain, predictability, and risk management. At the recently concluded AWS Global Conference, CropIn received recognition as the Public Sector Startup Partner of the Year at the AWS Partner Awards. The business, which competes with companies like Intello Labs, Ninjacart, and Gramophone, had revenue of around Rs 40 crore and annual bookings of about Rs 145 crore at the end of FY 2022. According to the corporation, net revenue retention, which shows how the contribution from current deals has improved, increased by 120% in FY 2022.

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