Vegrow Raises $46 Million in Second Round of Funding
By: Asia Business Outlook Team | Thursday, 14 December 2023
Vegrow, an India-based business-to-business (B2B) fruits marketplace, announced it has raised $46 million in primary and secondary funding. The new funding round is led by GIC, Singapore’s sovereign wealth fund, with significant participation from existing investor Prosus Ventures and continued support from Matrix Partners India, Elevation Capital, and Lightspeed, Vegrow said in a statement on Dec 13.
According to the statement, the funds will be utilized to drive Vegrow’s reach across India and fortify its global network. Avendus Capital was the exclusive financial advisor to Vegrow on this transaction.
“Vegrow is the fastest agri-tech company to build a national presence, having done this within three years of its inception,
“Typically, it takes double the time to achieve this scale of operations,” said Vegrow Co-founder Praneeth Kumar.
According to him, the company’s strategy marks a significant advancement in the efficiency and reliability of the fruit ecosystem. He said that over the past year, Vegrow has experienced a remarkable fivefold increase in revenue and achieved operational profitability. Meanwhile, Vegrow Co-founder Mrudhukar Batchu said that Vegrow distinguishes itself from conventional operations by creating an organizational ethos centered on agility and experimentation.
“Through the extensive utilization of data and technology, we provide valuable insights and optimize supply chain challenges, such as reducing perishable inventory wastage to only one-fourth of the industry average and consistently achieving industry-leading profit margins,” he added.