SUMMARY
Existing investors Avaana Capital, Omnivore, Nexus Ventures, and AgFunder also have participated in the funding round
Saama Capital infused INR 7.72 Cr in Intello whilst Avaana Capital, Omnivore, Nexus Ventures, and AgFunder invested INR 3.88 Cr each in the startup
Including the current funding, Intello has raised a total of $15.72 Mn to date
AI-based agritech startup Intello Labs has raised $2.82 Mn in Series B funding round at a post-money valuation of $77 Mn. The round was led by Saama Capital.
Existing investors Avaana Capital, Omnivore, Nexus Ventures, and AgFunder also participated in the funding round.
According to regulatory filings, Intello has allotted 1,961 compulsory convertible preference shares (CCPS) at an issuance price of INR 118,509 apiece to raise $2.82 Mn.
Saama Capital infused INR 7.72 Cr in Intello whilst Avaana Capital, Omnivore, Nexus Ventures, and AgFunder invested INR 3.88 Cr each in the startup.
Including the current funding, Intello has raised a total of $15.72 Mn to date.
Founded in 2016 by Milan Sharma, Nishant Mishra, Himani Shah and Devendra Chandan, the Gurugram-based startup uses AI and image recognition tools to perform grading and quality checks of agri products. It aims to bring transparency, reducing value risk and wastage in agriculture supply chains.
It plans to use fresh funds for meeting the working capital and long-term capital requirements of the business.
The development comes a year after Intello secured $5 Mn in a funding round from Avaana Capital, Nexus Ventures and Omnivore Partners. In 2020, it secured $5.9 Mn in Series A funding round led by Saama Capital, GROW and SVG Ventures THRIVE and existing investors including Nexus and Omnivore.
Prior to that, it bagged $2 Mn seed funding from Nexus Venture Partners and Omnivore in 2019.
In India, it faces competition from the likes of agritech startup AgNext.
According to an Inc42 report, the country’s agritech sector is poised to become a $24.1 Bn space by 2025.
Lately, a series of fundraising activities have happened in this segment. For example, agritech startup DeHaat raised $60 Mn in Series E funding round led by Sofina Ventures and Temasek.
Existing investors backers along with RTP Global Partners, Prosus Ventures and Lightrock India also took part in the funding round.
In November, agritech startup WayCool backed logistics startup AllFresh to build a create a Keiretsu-like business network in the food supply chain. Before that, B2B agritech marketplace Vegrow secured $25 Mn in Series B funding round led by Prosus Ventures in June.
