Agritech platform Clover is looking to raise $8 million from new and existing investors as it begins its Series B round.
Clover has passed a special resolution to issue 100 equity and 2,90,047 Series B preference shares at an issue price of Rs 982 per share to raise Rs 28.5 crore or $3.6 million from IvyCap ventures, its regulatory filing with the Registrar of Companies (RoC) shows.
The remaining funds will be infused by their existing investor: Accel India, but the company has not provided further details on it, Entrackr reported.
The fresh round for the Bengaluru-based company is coming after a gap of two and a half years.
As per Fintarckr’s estimates, the company has been valued around at $35-40 million post allotment.
Founded by Avinash BR, Gururaj Rao, Arvind Murali, and Santhosh Narasipura, partners with farmers across India to market premium quality, branded, greenhouse-grown fresh produce through B2B and B2C channels.
