Homegrown agri-tech startup SuperZop has raised $4 Mn in its Series A funding from Incofin’s India Progress Fund, with an aim to scale up and expand its business, invest in technology and further expand its product offerings.
Founded by Raghuveer Allada, Prithwi Singh and Darshan Krishnamurthy in 2016, the platform enables small retailers and restaurants to buy staples directly from farmers and food processors. As per the startup, it enables over 20,000 retailers in Mumbai and Pune to directly source staples from farmers, multiple farmer producer organisations (FPO) and processors from 13 states.
Incofin Investment Management is an international impact investment firm with an asset under management (AUM) of $1.2 Bn.
“This investment from Incofin will help us scale the business amongst existing and new geographies that includes tier 1 cities, invest in technology and further expand their product offering,” said Raghuveer Allada, Co-Founder of SuperZop.
Darshan Krishnamurthy, Co-founder of SuperZop, said that one of the key areas of fund deployment will be to build on data science and enhance systems for greater scale.
SuperZop is a B2B agritech startup working on making the staples or dry agriculture commodity supply chain more lean and efficient through its innovative technologies. In 2019, the startup had raised INR 8 Cr in a seed funding round led by SIDBI Venture Capital.
Incofin has been investing in India since over 13 years and has recently concluded the first close of a $100 Mn India Equity Fund, focussed on the Agri-Food and financial inclusion sectors.
The Europe-based funds’ current investments in India include Sohan Lal Commodity Management (Agri-to-finance integrated group), SAVE Solutions (one of the largest business correspondent networks), Faircent (largest peer to peer lending platform), Light Microfinance (leading microfinance company focused on rural women borrowers) and Namdev Finvest (rural-focussed MSME lender).
India’s agritech market is witnessing robust growth on the back of digital infrastructure, internet penetration in rural areas, and enhanced ease in access to farmer inputs.
According to Inc42 Plus, India’s agritech market is estimated to reach $24.1 Bn by 2025. At present there are over 1,000 agritech startups operating in the country. Overall, Indian agritech startups have raised a total of $842 Mn in funding across 165 deals.