AgriTech startup Eekifoods announced that it has raised Pre-Series A funding from GSF Accelerator. Naho Shigeta, Founder and CEO of Infobridge Holdings; Shalin Sanjay Shah, Director at Core91 VC; and a Gulf-based Syndicate. Existing Eekifoods investors; Sumit Jain, Country Head of BirdEye; and Dipesh Palod also participated in the round.
The startup plans to use the funds for further technology development, scaling operations, and team building.
Established in 2019, Eekifoods has developed a unique and proprietary vegetable growing technology, which enables it to produce completely residue-free, Indian, and exotic vegetables and sell them profitably at near-market prices.
This has been attainable because Eeki’s technology has reduced the cost of growing by as much as 40% for a variety of Indian fruit-bearing vegetables, as compared to other coco-peat-based hydroponics technologies. The startup was established by Amit Kumar and Abhay Singh, graduates from IIT Bombay.
Cofounder Abhay Singh said, “Eekifoods is borne out of two years of research and development of a unique technology, which focuses on inculcating cutting-edge agricultural techniques that are both sustainable and economically viable. Today, we can grow tomatoes, bottle gourd, eggplant, cucumber, and other vegetables and sell them profitably at near-market prices. “
“We are excited to have the backing of renowned investors like GSF Accelerator at such an early stage, and this funding is a strong validation of our mission at Eekifoods to build the most sustainable agriculture platform in the world,” he added.
Rajesh Sawhney, Founder, and CEO of GSF Accelerator said, “Eekifoods has the most advanced Hydroponics technology developed indigenously by Indian talent. Companies like Eeki are important to the future of Indian agriculture. Eeki provides a leapfrog opportunity to Indian agriculture and its modernization.”
Established in 2012, GSF is the country’s number one technology accelerator, with a portfolio of successes including Whatfix, Slintel, Quizizz, Docsapp, Flinto, Citymall, Gamezop, Well Being, Zen Duty, Khabri, and Vaultedge.
The accelerator has also witnessed many successful exits including Little Eye Labs (acquired by Facebook), Dailyrounds (bought by M3 Japan), and Pokkt (acquired by Anymind, Japan) among others.
The Gurugram-based startup is also looking for new farm partners, and in turn, will provide them with steady income via farming-as-a-service. At present, the startup has four functional farms in Rajasthan that are remotely managed and controlled by Eeki’s farm IoT.
It is planning to establish at least 12 more farms by the end of this fiscal year and produce 84 metric tons of produce every month, for sale in the NCR and Rajasthan area.
Eekifoods appears to be an interesting farming-as-a-service (FaaS) startup that is employing sustainable technology to produce pesticide-free and nutritional vegetables. The company will surely do great in the times to come. My best wishes to the team of Eekifoods.Shishir Gupta, Founder and CEO, StartupLanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.
For publishing an advertorial article about your company on our website, drop an email at firstname.lastname@example.org