SBICAP Ventures backed Neev II Fund invests in agritech firm Nutrifresh
- ByStartupStory | July 31, 2023
Neev II Fund, a climate and sustainability-focused SME fund backed by SBICAP Ventures, has announced its investment in Nutrifresh Farm Tech, an innovative agritech firm. This marks Neev II Fund’s fifth investment as it continues to drive India’s green transition and promote climate adaptation through efficient agri-supply chains.
Nutrifresh Farm Tech is on a mission to transform agriculture with its hydroponically grown, residue and chemical-free offerings. With a clientele of over 50 B2B aggregators, trade outlets, and delivery partners across cities, Nutrifresh is set to expand to over 100 acres within the next 12 months.
Speaking about the investment, Akshay Panth, CIO of Neev Funds, stated, “Our investment in Nutrifresh is a testament to our unwavering mission of spearheading India’s green transition and promoting climate adaptation through efficiently managed agri-supply chains. We believe in the potential of hydroponic farming to revolutionise food production and address key challenges. Through our investment, we aim to pave the way for a sustainable and resilient agricultural sector, driving positive environmental and social impact.”
Neev II Fund’s investment in Nutrifresh is part of the SIDBI’s Funds of Funds Scheme for startups, which was approved by the central government in 2016, with a corpus of Rs 10,000 crore to be managed by SIDBI.
SBICAP Ventures Ltd. is an alternative asset manager based in India and belongs to the State Bank of India Group. The company manages funds across private equity, real estate, and fund of funds Mandates. Neev I Fund and Neev II Fund are private equity funds managed by SBICAP Ventures.
Sanket Mehta and Ganesh Nikam, founders of Nutrifresh, expressed their excitement about the collaboration, stating, “This visionary investment will serve as a powerful enabler, propelling our growth and amplifying our reach to diverse customers and markets. The need for sustainable local-for-local food production for fresh, nutrient-rich foods has never been greater after the disruptions in the supply chain. The investment will provide us with the resources needed to secure our expansion as a pioneer in hydroponic agriculture in India by investing in growth, key hires, enhancing our foothold, and technology portfolio, and ultimately deliver our solution across the country.”
The collaboration between Neev II Fund and Nutrifresh aims to revolutionize agriculture practices in India, foster sustainable food production, and create a positive impact on the environment and society.
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