Fintech
Travel Tech
Electric Vehicle
Health Tech
Edtech
IT
Logistics
Retail
Ecommerce
Startup Ecosystem
Enterprise Tech
Clean Tech
Consumer Internet
Agritech
The round also saw participation from Aavishkaar India, Bertelsmann, Evolvence India, Chiratae Ventures and Hero Enterprises
AgroStar’s board approved the issuance of 1,45,385 CCPS at an issue price of INR 3,965 per share
The startup also disclosed that it issued an additional 21,940 CCPS to Bertelsmann Nederland B.V. at the same issue price, raising INR 8.6 Cr
Agritech startup AgroStar
has raised INR 57.6 Cr (around $6.7 Mn) in a fresh funding round led by existing investor Accel India.
The round also saw participation from Aavishkaar India, Bertelsmann, Evolvence India, Chiratae Ventures and Hero Enterprises.
As per the regulatory filing accessed by Inc42, AgroStar’s board approved the issuance of 1,45,385 compulsory convertible non-cumulative preference shares (CCPS) at an issue price of INR 3,965 per share.
In a separate filing, the startup also disclosed that it issued an additional 21,940 CCPS to Bertelsmann Nederland B.V. at the same issue price, raising INR 8.6 Cr.
Founded in 2013 by Sitanshu Sheth and Shardul Sheth, AgroStar leverages data and technology to solve farmers’ problems of access to good-quality agri-inputs by bridging the knowledge gap.
AgroStar acquired INI Farms in 2022, enabling its network of farmers to access global markets across more than 25 countries.
The company currently operates in about 11 Indian states, including Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, and Uttar Pradesh. As per its website, AgroStar’s digital farmer network and agri-input platform serve over 9 million farmers.
In 2021, AgroStar raised $70 Mn in Series D funding from Evolvence, global asset manager Schroders Capital, Hero Enterprise, and the United Kingdom’s development finance institution, CDC.
It competes with other agritech players such as DeHaat, WayCool and Ninjacart.
In FY22, the company reported an operating revenue of INR 260 Cr, a 1.9X increase from INR 138.2 Cr in the previous year. However, its losses widened to INR 142 Cr from INR 74 Cr in FY21. AgroStar is yet to file financials for FY23 and beyond.
The funding comes at a time when investor interest in agritech is gradually picking up.
Last month, Grow Indigo secured $10 Mn from British International Investment (BII), while homegrown agritech platform Fasal’s fresh food distribution business was acquired by Swiss-Indian agritech platform Innoterra.
As technology continues to reach deeper into India’s vast agriculture sector, agritech startups are tapping into the large potential of this sector.
This potential has resulted in agritech startups in the country raising over $2.4 Bn in funding and 285 deals between 2014 and February 2024, according to Inc42’s analysis.
