Agritech-focussed investment firm Egreens announced on Wednesday that it has established a Rs 15 crore agritech fund for early-stage startups in India.
The firm will focus on those agritech startups that use innovative technologies and disruptive business models across the entire value chain of food production, storage, and transportation, the company said in a statement.
Egreens is looking to focus on startups with innovative market connections, the use of AI and machine learning (ML) in farming methods, and IoT (Internet of Things) implementation across the supply chain, the statement added.
The company has already invested Rs 15 crore in its own venture — VegEase — which sells fruits and vegetables with its cart-at-home model.
Since its launch in January 2021, VegEase has gained a turnover of Rs 70 lakh, with a customer base of more than 15,000 in the Delhi-NCR region. The venture onboarded 5,000 customers in April 2021 alone.
The company also claims to have gained a return rate of 0.25 percent of rejected produce as against the industry average of 2-3 percent. VegEase plans to use the freshly raised funds to expand into the B2B space.
Commenting on the development, Mayank Chaurasia, Founder and CEO, Egreens, said, “The agricultural supply chain in India is very fragmented, with last-mile delivery being almost missing. Therefore, it offers a tremendous opportunity to identify and invest in the right startup, which is trying to solve this problem.”
Egreens is planning to invest in startups that will ultimately create forward and backward alliance with VegEase.
“While VegEase is present in the B2C segment, we want to increase our footing in the B2B and B2B2C segments in diverse markets,” he added.
CFO Arpit Katta said, “For Egreens, investment-driven on consumer insights is a process of keeping growth on the track effectively and surely.”
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