Impact Assets and existing investors Chiratae Ventures and JSR Active Innovation Fund also took part in the funding round
Google and Impact Assets infused INR 40.78 Cr and INR 40 Cr, respectively, in CropIn
The SaaS-based agritech platform has raised $46 Mn till date, including the latest funding round
Update| January 9, 4:45 PM
In a statement issued on January 9, CropIn said it has secured $13.7 Mn (INR 113 Cr) in a funding round from Google, JSR Corporation, ABC Impact and Chiratae Ventures.
The startup said it will use the fresh capital to expand its platform’s capabilities and infuse it in go-to-market strategies.
Agritech startup CropIn has reportedly raised $14 Mn (about INR 115.1 Cr) in a fresh funding round from tech giant Google, Impact Assets, and its existing investors Chiratae Ventures and JSR Active Innovation Fund.
The startup allotted 95,590 pre-series D compulsorily convertible preference shares (CCPS) at an issued price of INR 11,862.68 apiece to raise the $14 Mn, Entrackr reported citing its regulatory filings.
Google and Impact Assets infused INR 40.78 Cr and INR 40 Cr, respectively, in CropIn. On the other hand, Chiratae Ventures infused INR 24.47 Cr, while JSR Active Innovation Fund pumped INR 8.16 Cr in the startup.
CropIn has raised a total funding of $46 Mn till date, including the latest funding round.
In January last year, CropIn secured $20 Mn in its Series C funding round led by Singapore-based impact investor ABC World Asia. CDC Group, Kris Gopalakrishnan’s family office Pratithi Investment Trust, Chiratae Ventures, Invested Development, and Ankur Capital also participated in the funding round.
Founded in 2010 by Krishna Kumar and Kunal Prasad, CropIn is a SaaS-based agritech platform. It helps farm-to-fork businesses digitise their operations and improve decision-making process via real-time data and insights.
It has partnered with over 250 organisations across the globe and helped these organisations digitise more than 16 Mn acres of farms and impacted the livelihood of nearly 7 Mn farmers, according to its website.
The startup competes with the likes of FarMart and Agricx in the agritech market in the country.
According to an Inc42 report, the Indian agritech sector is anticipated to breach the $24 Bn mark by 2025. Meanwhile, its subset, market linkage, is likely to be a $12 Bn opportunity by 2025.
Consequently, the agritech space has been seeing a lot of interest from investors. Indian agritech startups raised a combined funding of $2 Bn between January 2014 and June 2022.
Earlier this month, agritech startup DeHaat secured $60 Mn in its Series E funding round led by Sofina Ventures and Temasek. Existing investors RTP Global Partners, Prosus Ventures and Lightrock India also took part in the funding round.