Vegrow is a B2B fruits marketplace that has recently raised funding of $25 million in a Series B. This Series B funding round was led by Prosus Ventures.
In a series B funding, the investors who participated were Matrix Partners India, Elevation Capital, Lightspeed India, and Ankur Capital.
Vegrow is planning to utilize the fresh funding capital in the following ways:
Vegrow has grown by 15 times in the last 1 year, with gross margins of around 20%. The platform is operating in 100 cities on the demand side and has over 20,000 farmers across more than 400 production pockets.
Vegrow was founded by Praneeth Kumar, Mrudhukar Batchu, Kiran Naik, and Shobhit Jain in the year 2020. Vegrow helps in bringing the demand and supply side traders and buyers of fruits on a common platform and helps them in trading.
The startup helps in increasing the net earnings of partner farmers by leveraging technology across different stages of the farming cycle. It helps in crop planning, gives them access to quality inputs, monitors their adherence to practices, and sells their harvest to the right sets of buyers.
Ashutosh Sharma, Head of Investments - India, Prosus Ventures, said, "Vegrow has catapulted to pole position by serving pan-India demand through its focus on scale and technology. We are excited to back it as it chases the next level of growth in the country."
"Our tech helps in matchmaking by the codification of customer quality, building future farm inventory, deskill supply chain, and crowdsourcing market intelligence (price, quality, and volume). Our system predicts real-time demand and pricing across markets for over 15 fruits," said Mrudhukar Batchu, Co-founder of Vegrow.