Vegrow, India’s leading B2B marketplace for fruits announced they have secured funding of $25M Series B round led by Prosus Ventures. Matrix Partners India, Elevation Capital, Lightspeed India and Ankur Capital also participated in the round. Prominent angel investor Sanjiv Rangrass continues to back the company.
India’s fruit market is valued at $60B where every fruit is a multi-billion-dollar opportunity. Within this, Vegrow is already the leader in ‘Pomegranate’ and amongst the top 5 in several other fruit categories within a short span of 2 years. The funds will primarily be used for expansion into more demand centers, establishing dominance across supply micro-pockets and nurturing a world-class talent pool in product, engineering and other support function domains.
“Being a table-top consumption product, fruits are consumed raw, and consumers are highly sensitive to the quality. Vegrow adds value at source and supply chain to ensure and preserve the quality consistently. We are very excited to have Prosus lead this round and all our internals double down their partnership. We aim to grow sustainably and deliver a $5B. outcome within the next 5 years.”, said Shobhit Jain, Co-founder Vegrow.
Praneeth Kumar, Co-founder Vegrow added – “At Vegrow, we are focused on value creation for both farmers and customers On the farmers’ side, we ensure a better realization through right matchmaking, fair and transparent business practices, and value chain innovations.”
Ashutosh Sharma, Head of Investments, India at Prosus Ventures, shared, “We have been tracking the agritech space closely through our existing investments in fresh produce and animal protein segments. The fruits industry being historically unorganized, fragmented and inefficient, is poised for similar tech-led disruption. Vegrow has catapulted to pole position by serving pan-India demand through its focus on scale and technology. We are excited to back them as they chase the next level of growth in the country.”