Vegrow, a B2B fruits marketplace, has raised $46 million in Series C round led by GIC with participation from existing investors Prosus Ventures, Matrix Partners India, Elevation Capital, and Lightspeed India.
Founded by Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu and Kiran Naik, Vegrow connects farmers across more than 400 production pockets and helps them align with market expectations and get better yield. According to the company, it processes more than 200 tons of fruits daily and operates in Karnataka and Telangana.
Vegrow partners with farmers to aggregate supply and sell to organised demand through partnerships. The sale of produce has been the major source of gross revenue for the Bengaluru-based company.
The fresh funds will be utilised to drive Vegrow’s reach across India and strengthen its global network, the company said in a press release.
Speaking on the announcement, Praneeth Kumar, Co-founder, Vegrow said, “The company’s strategy marks a significant advancement in the efficiency and reliability of the fruit ecosystem. Over the past year, Vegrow has experienced a remarkable fivefold increase in revenue and achieved operational profitability.”