Agritech startup AgroStar is raising INR 53 Cr in a funding round led by Aavishkaar Bharat Fund, Accel India and Bertelsmann. The fresh infusion is a part of the startup’s Series D round.
The startup is raising INR 47.3 Cr from Aavishkaar Bharat Fund, Accel India and Bertelsmann by allotting a total of 1,68,178 Series E Compulsory Convertible Preference Shares (CCPS) at an issue price of INR 2816.06.
It is worth noting that the UK-based CDC Group has disclosed that it has invested in AgroStar through Aavishkaar Emerging India Fund, which is managed by Aavishkaar Venture Management Services.
The startup is further raising INR 5.2 Cr by allotting 20,796 optionally convertible redeemable preference shares (OCRPS) to Innoven Capital India. All the above-mentioned investors had previously invested in the startup.
As per the filings, the startup will utilise the fresh capital for its business growth, expansion and other general corporate activities.
Founded in 2013 by Shardul Sheth and Sitanshu Sheth, AgroStar offers an app and IVR (interactive voice response)-based service to provide agriculture solutions to farmers.
Its services include expert advice on-farm production, ordering and doorstep delivery of quality farm products such as seeds, manure, and pesticides. Farmers can avail these services at any point of their crop life-cycle with a missed call or through its Android app.
In 2019, the Pune-based agritech startup had raised $27 Mn in a Series C round led by Bertelsmann India, Accel India, Chiratae Ventures, and Aavishkaar Bharat Fund.
India’a agritech market is growing on the back of rapid digital infrastructure. Last week, SuperZop, a B2B agritech startup closed $4 Mn in its Series A round, and Inc42 had exclusively reported about another agritech startup — Aqgromalin which is raising INR 38.43 Cr in a fresh round of investment from Sequoia Capital India, Omnivore, and Zephyr Peacock India.
BharatAgni, which competes against AgroStar, had closed $6.5 Mn in its Series A round last month from Omnivore and India Quotient.
According to Inc42 Plus analysis, India’s agritech market is estimated to touch $24.1 Bn by 2025. The report highlighted that at present India has over 1,000 agritech startups. Till now, between 2014 to H1 of 2021, agritech startups in the country have raised close to $840 Mn across 165 deals.
This story first appeared on Inc42 on 5th October at 12:07 Pm
Update| October 6 at 6:09 PM – Sources aware of the deal confirmed Inc42 that $7 Mn is a part of larger series D round. The story has been updated to reflect the same.