Intello Labs, a startup in agritech receives funding to meet its working capital needs

• ByStartupStory     |    December 9, 2022

According to regulatory documents, the AI-based agritech startup Intello Labs secured $2.82 million in a Series B investment round at a post-money value. To accomplish this, Intello distributed 1,961 compulsory convertible preference shares (CCPS) at an issuing price of INR 118,509 each.

Saama Capital invested INR 7.72 Cr in Intello, and the business also received INR 3.88 Cr apiece from Avaana Capital, Omnivore, Nexus Ventures, and AgFunder. Intello has raised a total of $15.72 million, including the present fundraising, out of a total of $77 million. Saama Capital took the lead in the round. Avaana Capital, Omnivore, Nexus Ventures, and AgFunder, current investors, also took part in the funding round.

The Gurugram-based firm, which was established in 2016 by Milan Sharma, Nishant Mishra, Himani Shah, and Devendra Chandan, employs AI and image recognition algorithms to grade and inspect the quality of agricultural products. It attempts to increase openness in agricultural supply networks while lowering risk and waste.

It intends to employ more money to address the company’s short- and long-term capital needs. The news follows Intello’s $5 million fundraising round from Avaana Capital, Nexus Ventures, and Omnivore Partners, which took place a year prior. It received $5.9 million in Series A funding in 2020 from a group of investors that included Nexus and Omnivore in addition to Saama Capital, GROW, and SVG Ventures THRIVE.

Prior to that, it received $2 million in seed funding from Omnivore and Nexus Venture Partners in 2019. It has rivals in India, including the agritech startup AgNext. An estimate claims that by 2025, the country’s agritech market will be worth $24.1 billion.This area has recently seen a number of fundraising events. For instance, Sofina Ventures and Temasek sponsored a $60 Mn Series E funding round for the agritech business DeHaat. Along with RTP Global Partners, Prosus Ventures, and Lightrock India, existing investors also participated in the investment round.

In November, the logistics startup AllFresh received funding from agritech startup WayCool in order to develop a Keiretsu-style business network in the food supply chain. Prior to that, in June, Prosus Ventures led a $25 Mn Series B funding round for the B2B agritech marketplace Vegrow.

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