Existing investors Accel, Omnivore, and Mayfield also participated in the funding round
Deep Rooted plans to use the funds to expand its operations in the Southern part of India, fortify its tech stack and hire talent across marketing, technology, and business development teams
Deep Rooted said that with the help of its greenhouse network, the startup has the ability to deliver fresh produce by using less resources as compared to conventional farms
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Agritech startup Deep Rooted has secured $12.5 Mn in its Series A round led by IvyCap.
Existing investors Accel, Omnivore, and Mayfield also have participated in the funding round.
Deep Rooted plans to use the funds to expand its operations in the Southern part of India, fortify its tech stack and hire talent across marketing, technology, and business development teams in the next 12 months.
“Fruits and vegetables as a category is ripe for disruption. Deep Rooted, with its razor-sharp focus on F&V, has already showcased a sustainable and profitable view of the opportunity while delivering value to both the farmers and end consumers. We’re excited to be a part of their growth journey.”
Set up in 2018 by Avinash B R, Gururaj Rao, Arvind Murali, and Santhosh Narasipura, Deep Rooted sources fresh produce from farmers, as well as greenhouses, and provides it to the customers residing in urban cities. It claims to offer 200+ types of fruits and vegetables and also has a presence in Bengaluru, Hyderabad, and Chennai.
“We are thrilled to partner with IvyCap as we expand across South India, working directly with farmers and delivering the freshest fruits and vegetables to urban consumers,” said Avinash BR, cofounder of Deep Rooted.
Avinash has previously worked with Aavishkaar and Bosch while Gururaj formerly worked with Myntra, Callidus Cloud, and Info Edge. The other two founders–Arvind and Santhosh hold experience of leading business development roles in the Gulf and working in the family business respectively.
Deep Rooted said that with the help of its greenhouse network, the startup has the ability to deliver fresh produce by using less resources as compared to conventional farms.
In the agritech space, it competes with the likes of Ninjacart, Vegrow and WayCool, among others.
According to an Inc42 report, the Indian agritech startups have cumulatively secured $1 Bn in funding between 2014 and 2021. In the yesteryear, agritech startups raised about $684 Mn across 47 funding activities.
Meanwhile, some of the recent fundraising activities recorded in the agriculture sector include Vegrow raising $25 Mn, Harvesting bagging $5 Mn, Poshn securing $28 Mn+ and Akshayakalpa raising $15 Mn.
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