Agritech startup Vegrow raises US$46 million in Series C round led by GIC

Mia Pei

Published Wed, Dec 13, 2023 · 02:42 PM

INDIA-BASED business-to-business (B2B) fruits marketplace Vegrow has bagged US$46 million in primary and secondary funding in a Series C funding round led by GIC.

Existing investors Prosus Ventures, Matrix Partners India, Elevation Capital and Lightspeed also participated in the round.

“The funds will be utilised to drive Vegrow’s reach across India and fortify its global network,” said the agritech company on Wednesday (Dec 13).

Founded in 2020, Vegrow leverages technology to match the demand and supply in India’s fruits segment, helping businesses manage supply chain challenges. It has achieved operational profitability with a fivefold increase in revenue in the past year, according to a joint statement by Vegrow and GIC.

Vegrow marks GIC’s first agritech and B2B investment in India.

Singapore’s sovereign wealth fund said: “The founders’ extensive experience in the sector and demonstrated execution differentiate them, and GIC is looking forward to partnering with Vegrow in their next phase of growth.”