Total amount raised
$86.5 Million
Latest funding date
12/1/2023
Location
Vegrow has successfully raised $46 million over 4 funding rounds, with the latest round being a Series C led by GIC. The company is backed by 12 investors, including Prosus Ventures, Matrix Partners India, Elevation Capital, and Lightspeed.
Keep reading to explore the intricacies of Vegrow's fundraising journey and the investors backing this innovative platform.
What Is Vegrow?
Vegrow, founded in 2020, is a leading B2B fruits marketplace based in Bangalore, Karnataka, India. The company operates in the agribusiness sector, focusing on leveraging technology to revolutionize the fruit ecosystem and empower farmers.
With a strong network of farmers and customers, Vegrow ensures consistent quality and competitive pricing. The company employs between 501 and 1000 people, working to maximize farmers' income and reduce wastage through advanced matchmaking technology and quality assurance processes.
How Much Funding Has Vegrow Raised?
- Seed Round
- Amount Raised: USD 2,500,000
- Date: July 2020
- Lead Investors: Ankur Capital, Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial tech platform.
- Series A
- Amount Raised: USD 13,000,000
- Date: July 2021
- Lead Investors: Elevation Capital, Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the technology platform.
- Series B
- Amount Raised: USD 25,000,000
- Date: July 2022
- Lead Investors: Prosus Ventures
- Valuation at Round: USD 170,000,000 - USD 180,000,000
- Motivation Behind the Round: To expand geographic presence and develop the tech stack.
- Series C
- Amount Raised: USD 46,000,000
- Date: December 2023
- Lead Investors: GIC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Vegrow's reach across India and strengthen its global network.
Total Amount Raised: USD 86,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- GIC
- Details: GIC is a sovereign wealth fund established by the Government of Singapore to manage Singapore's foreign reserves. It invests across a range of asset classes in over 40 countries.
- Investment Focus Areas: Real estate, private equity, infrastructure, agritech.
- Notable Investments: Alibaba, Airbnb, Flipkart.
- Prosus Ventures
- Details: Prosus Ventures is the venture capital arm of Prosus, a global consumer internet group and one of the largest technology investors in the world.
- Investment Focus Areas: Online classifieds, food delivery, payments, fintech.
- Notable Investments: Swiggy, BYJU'S, PayU.
- Matrix Partners India
- Details: Matrix Partners India is a venture capital firm that invests in early-stage companies in India.
- Investment Focus Areas: Consumer technology, B2B, fintech, healthcare.
- Notable Investments: Ola, Practo, Razorpay.
- Elevation Capital
- Details: Elevation Capital, formerly known as SAIF Partners, is a venture capital firm that invests in early to growth-stage companies in India.
- Investment Focus Areas: Consumer internet, SaaS, fintech, healthcare.
- Notable Investments: Paytm, Swiggy, UrbanClap.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a global venture capital firm that focuses on early-stage investments in the enterprise and consumer sectors.
- Investment Focus Areas: Enterprise software, consumer, health.
- Notable Investments: Snap, OYO, Byju's.
What's Next for Vegrow?
Vegrow's future looks promising with significant opportunities for expansion and scaling operations. The recent $46 million Series C funding will enable the company to strengthen its presence across India and enhance its global network. The agritech sector's growth and the increasing adoption of technology-driven solutions present a substantial market for Vegrow to tap into.
Future fundraising opportunities appear bright, given the strong backing from prominent investors like GIC, Prosus Ventures, and Matrix Partners India. As Vegrow continues to demonstrate growth and innovation, it is well-positioned to attract further investments. However, the company may face challenges such as navigating the fragmented agricultural market and ensuring consistent technology adoption among farmers.
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