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Vegrow Raises $46M In Series C funding Round Led By GIC

The start-up intends to utilise the capital infusion to drive Vegrow’s reach across India and fortify its global network

Vegrow Raises $46M In Series C funding Round Led By GIC

Outlook Start-Up Desk

POSTED ON December 14, 2023 11:14 AM

Vegrow, a B2B fruit marketplace, has secured $46 million in funding led by Singapore's sovereign wealth fund, GIC, along with support from existing investors including Prosus Ventures, Matrix Partners India, Elevation Capital, and Lightspeed.  

The funds will be used to expand Vegrow's reach across India and strengthen its global network. Vegrow focuses on disrupting the fragmented and localized fruit market using technology for efficient demand-supply matching.  

The company aims to maximise farmers' income, reduce wastage, and ensure consistent pricing and quality for buyers. It has experienced significant growth, achieving operational profitability and a fivefold increase in revenue over the past year.  

Vegrow co-founder, Praneeth Kumar said, “Vegrow is the fastest agri-tech company to build a national presence, having done this within three years of its inception. Typically, it takes double the time to achieve this scale of operations.”  

The start-up said in its release that the funding round reflects the confidence of investors in its strategic approach and potential for long-term success in the agri-tech industry. Co-founders emphasise their commitment to positive impact, transparency, higher income for farmers, and reducing carbon consumption through supply chain optimization.  

The company plans to launch innovative solutions such as Imagi box for children, Therapy Pods in hospitals, and a mental wellness game for families.  

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