Agritech Startup AGRIM Nets $17.3 Mn From Asia Impact SA, Others

SUMMARY

Led by Asia Impact SA, the all-equity Series B funding round also saw participation from existing investors Kalaari Capital, Omnivore, others

AGRIM plans to use the fresh funds to strengthen its tech stack, enhance offerings and scale up its operations

Founded in 2020, AGRIM is a B2B marketplace, which helps farmers and agri-input retailers procure seeds and pesticides directly from manufacturers

Business-to-business (B2B) agritech startup AGRIM has raised $17.3 Mn (around 145 Cr) in its Series B funding round led by investment advisor Asia Impact SA.

The round also saw participation from existing investors Kalaari Capital, Omnivore, India Quotient and Accion Venture Lab.

The Gurugram-based startup will use the fresh funds to strengthen its tech stack, enhance offerings and scale up its operations, it said in a statement.

Commenting on the funding, founders Mukul Garg and Avi Jain in a joint statement said, “Our goal is to make AGRIM the go-to platform for agri-input retailers. With the current funds, we will continue to invest in our technology and people to deliver transformative digital solutions for the agri-inputs supply chain in India.”

Founded by serial entrepreneurs Mukul Garg and Avi Jain in 2020, AGRIM is a B2B marketplace, which helps farmers and agri-input retailers procure seeds and pesticides directly from manufacturers.

Its product catalogue spans across four categories, including seeds, agrochemicals, nutrition and tools. Each category has subcategories such as herbicides, fungicides and pesticides for crop protection.

As per the company, it has 30,000 stock keeping units and it caters to 1,200 manufactures and 25,000 retailers.

The startup last raised $10 Mn in its Series A funding round led by Kalaari Capital in 2022, with participation from existing investors.

It competes with the likes of DeHaat, AgroStar, BharatAgri, and CropIn among others in the agritech segment.

This comes at a time when agritech startups are seeing significant interest from investors. Earlier this month, Agrizy raised $9.8 Mn (INR 82 Cr) in a Series A funding round co-led by Accion and Omnivore.

Prior to that, in May, Poshn raised $4 Mn (around INR 33.3 Cr) in equity and $2 Mn in debt in a pre-Series A funding round co-led by Prime Venture Partners and Zephyr Peacock India.

These players are competing for a bigger slice of the agriculture pie, expected to become a $25 Bn market opportunity by 2025.