Growcoms, a B2B agritech startup with a keen focus on spices, has secured $3.5 million in funding from JSW Ventures, Arali Ventures, and InfoEdge Ventures. This infusion of capital will empower Growcoms to further develop its product lineup and technological capabilities, with a primary aim to enhance traceability for value-added spices and exports.
Founded in 2021 by George Kurian, Bibin Mathews, and Narendranath P, Growcoms operates from Kochi and serves enterprise clients through its digital platform. The company specializes in offering an array of spice products, including whole spices, powders, oils, oleoresins, and seasonings. What sets Growcoms apart is its commitment to traceability. By partnering with farmers and processors, they use blockchain technology to deliver traceable spices to their clients, which include food companies, flavor houses, FMCG enterprises, and seasoning brands.
According to Growcoms’ CEO, George Kurian, this investment and partnership with like-minded investors will not only strengthen their global presence but also improve the efficiencies throughout the entire value chain.
The spice industry, marked by its sourcing hubs across major production regions, dependable suppliers, and surging global demand, has witnessed significant growth during the last two years, enabling Growcoms to scale its operations on a global level.
JSW Ventures, a well-known institutional venture capital fund, recognizes the potential of Growcoms’ approach in revamping the spices value chain through technology. This strategic investment in the agritech space is set to create value for all stakeholders, including farmers, and fortify the spice industry’s traceability solutions.
India’s agriculture sector is ripe for transformation, and agritech startups like Growcoms are playing a pivotal role in harnessing technology to enhance agricultural productivity and connect farmers with the wider market. The future of the spice industry in India, aiming for $10 billion in spice exports by 2030, is aligned with this vision of embracing technology and innovation.
With a projected growth rate for the global spices and seasonings market, Growcoms’ innovative approach is poised to contribute significantly to this flourishing industry.
That’s amazing news! Growcoms a startup, has recently secured a $3.5 Million of impressive amount of funding, propelling them to become a major player in the tech world. Sending my best wishes to the Growcoms team!
~ Dr Shishir Gupta founder & CEO of StartupLanesÂ
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