In a significant development, Spice tech company Growcoms has successfully raised $3.5 million in a recent funding round, co-led by JSW Ventures and Arali Ventures. Existing investor InfoEdge Ventures also participated in this funding round, showcasing their continued confidence in Growcom’s potential.
This substantial investment marks the first foray into the Agritech sector for both JSW Ventures and Arali Ventures, signifying their belief in the promising future of agricultural technology.
The infusion of fresh capital will play a pivotal role in strengthening Growcoms product portfolio and enhancing its technology infrastructure. The company’s primary goal is to develop essential capabilities for enabling traceability in the export of value-added spices, as confirmed in a recent press release.
Established in 2020 by co-founders George Kurian Kannanthanam, Narendranath P, and Bibin Mathews, Growcoms is committed to revolutionizing the spices value chain. Their strategy focuses on optimizing production processes, empowering farmers, and delivering traceable spices to global markets through digital channels.
In just two years, Growcoms has significantly expanded its operations. The company has established sourcing hubs in major spice-producing regions, ensuring suppliers meet the necessary standards for transforming spices into value-added products. They have also cultivated a strong demand from markets across the globe.
Today, Growcoms caters to a diverse clientele, including food companies, flavour houses, FMCG (Fast-Moving Consumer Goods) companies, and seasoning brands. This diversification in their customer base is a testament to the company’s commitment to delivering quality products.
Additionally, it’s worth mentioning that Growcoms benefited from incubation by Indigram Labs in 2021, which played a crucial role in the company’s early development.
With the recent funding secured, Growcoms is well-positioned to make significant strides in the Agritech sector, contributing to the growth and improvement of the global spice industry. The infusion of $3.5 million from prominent investors signifies a vote of confidence in Growcoms vision and mission as they continue to empower farmers and revolutionize the spice value chain.
