Omnivore VC Completes Exit, Sells Stake in Barrix Agro Sciences to Sumitomo Chemical India
- ByStartupStory | September 2, 2023
Omnivore VC, a food and agriculture-focused fund, has reached an agreement to divest its holdings in Barrix Agro Sciences to Sumitomo Chemical India Limited (SCIL), a subsidiary of a Japanese fertilizer and pesticide manufacturer. Consultancy firm EY will serve as the exclusive financial advisor to Barrix and its shareholders during this exit.
This marks Omnivore’s third successful exit in just over a year. In March 2023, Omnivore divested its stake in MITRA, a precision sprayer manufacturer, to the farm machinery giant Mahindra. In July of the previous year, the venture capital firm sold its shares in Eruvaka, an aquaculture IoT startup, to Nutreco, a global leader in animal nutrition and aquaculture.
Omnivore initially invested in Barrix alongside IIM Ahmedabad’s CIIE in 2013 when Barrix was one of the early entrants in India’s emerging agritech startup ecosystem. Over the years, Barrix has demonstrated the effectiveness of its innovations in reducing crop damage and labor costs.
Lokesh Makam founded Barrix in 2011, based in Bengaluru, and played a pioneering role in advancements related to Integrated Pest Management (IPM) and Integrated Plant Nutrition Management (IPNM) products. The company focuses on developing technologies for monitoring and trapping agricultural pests.
Omnivore, founded by Mark Kahn and Jinesh Shah in 2011, has supported over 40 startups, including DeHaat, Reshamandi, and Pixxel. In June of this year, Omnivore successfully raised $150 million in the first close of its third fund, surpassing its $130 million target. The Omnivore Agritech and Climate Sustainability Fund, launched in April of the previous year, aims to invest in 25-30 agritech startups during seed and Series A funding rounds, with investment amounts ranging from $1 million to $5 million.
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