Fresh produce b2b marketplace will use new capital to drive its reach across India and fortify its global network
Vegrow, has secured US$46m in a Series C funding round led by GIC, Singapore’s sovereign wealth fund, with significant participation from existing investor Prosus Ventures, and continued support from Matrix Partners India, Elevation Capital, and Lightspeed.
Vegrow has established a strong presence in the Indian fruit sector by aggregating multiple channels (wholesalers/semi-wholesalers, modern trade and general trade) and using technology to match supply and demand.
Through its multi-channel demand stack, the company aims to maximise grower income by accurately grading produce and efficiently matching it with the most suitable demand channel. According to Vegrow, this creates a virtuous cycle, attracting more growers through competitive pricing as well as more buyers, who seek consistency in both price and quality.
“Vegrow is the fastest agritech 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,” said Vegrow co-founder, Praneeth Kumar.
Over the past year, Vegrow has experienced a fivefold increase in revenue and achieved operational profitability.
“Through the extensive utilisation of data and technology, we provide valuable insights and optimise supply chain challenges, such as reducing perishable inventory wastage to only one-fourth of industry average, and consistently achieving industry-leading profit margins,” added Vegrow co-founder, Mrudhukar Batchu.
Vegrow is the first agritech and b2b investment in India for GIC, founders’ extensive experience in the sector and demonstrated execution
Vegrow co-founder, Shobhit Jain said the company is committed to making a positive impact for both farmers and the planet.
“Our ambition is to establish ourselves as the undisputed leader in every fruit category, ensuring transparency and higher income for farmers, while also reducing carbon consumption through supply chain optimisation,” said Jain.
“We are excited to work with GIC, whose long-term vision and reputed global network can contribute to building a company that will last generations. We are also grateful for the continued support from our existing investors. As we focus on long-term institutional development and enhancing value for all stakeholders, we are excited for what the future holds.”