Vegrow, an Indian B2B marketplace for fruits, raised $25M in Series B funding.
The round was led by Prosus Ventures with participation from Matrix Partners India, Elevation Capital, Lightspeed and Ankur Capital, as well as angel and agri veteran Sanjiv Rangrass.
The company intends to use the funds for expansion into more demand centers, establishing its market position across supply micro-pockets and growing a talent pool in product, engineering and other support function domains.
Co-founded by founded in 2020 by IIT alumni Praneeth Kumar, Mrudhukar Batchu, Kiran Naik and Shobhit Jain, Vegrow focuses on matchmaking across demand and supply for fruits, aggregating multiple channels (wholesalers/semi-wholesalers, modern trade and general trade) in 100 cities on the demand side and 20,000+ farmers on the supply side. Through its community advisory approach, the company digitally engages with farmers across 400+ production pockets and helps them align with market expectations. It processes more than 200 tons of fruits daily.
Elluminate Capital acted as the exclusive financial advisor to Vegrow on the transaction.
About Vegrow:
FinSMEs
11/07/2022