In a significant stride towards revolutionizing the B2B fruits marketplace, Vegrow has successfully raised $46 million in a Series C funding round spearheaded by the esteemed GIC. This funding initiative also saw active participation from existing investors Prosus Ventures, Matrix Partners India, Elevation Capital, and Lightspeed, solidifying Vegrow’s position as a significant player in the industry.
The infusion of fresh capital is earmarked to propel Vegrow’s expansion plans across India while concurrently fortifying its global network. In a recent press release, the company affirmed its commitment to leveraging the funds to extend its reach and facilitate fruitful partnerships between farmers and organized demand.
This latest funding comes on the heels of Vegrow’s notable achievement in securing $25 million during a Series B round by Prosus Ventures in July 2022. The company’s trajectory showcases sustained investor confidence and a robust business model.
Vegrow, headquartered in Bengaluru, operates as a vital link between farmers and consumers, aggregating supply and catering to organized demand through strategic partnerships. Produce sales remain the primary driver of gross revenue for the innovative startup.
Co-founded by Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu, and Kiran Naik, Vegrow has successfully woven a network that connects farmers across more than 400 production pockets. By facilitating alignment with market expectations and ensuring better yields, the company processes over 200 tons of fruits daily, primarily operating in Karnataka and Telangana.
Vegrow’s unique approach to maximizing farmers’ income involves accurately grading produce aligning it with the most suitable demand channels. This creates a virtuous cycle that attracts more farmers through competitive pricing and entices buyers seeking consistency in price and quality.
In a competitive landscape with notable players such as Dailyninja, Waycool, and Zomato’s HyperPure, Vegrow stands out for its commitment to sustainable agriculture practices and fostering a symbiotic relationship between farmers and consumers. The Series C funding is poised to catalyze Vegrow’s mission to reshape the B2B fruits marketplace, solidifying its standing as a trailblazer in the agri-tech sector.
