AgroStar nets $70 million in Series D funding round
PremiumThe company plans to use the fresh capital to bolster its technology platform, hire senior talent and grow its omnichannel strategy
BENGALURU : Agritech startup AgroStar has raised $70 million as a part of its Series D funding round from Evolvence, global asset manager Schroders Capital, Hero Enterprise and UK’s development finance institution CDC. The round also saw participation from existing investors Aavishkaar Capital, Accel, Bertelsmann, Chiratae Ventures and Rabo Frontier Ventures.
The company plans to use the fresh capital to bolster its technology platform, hire senior talent and grow its omnichannel strategy, according to a company statement said. AgroStar did not disclose its valuation post the fundraise.
“We are now doubling down on our omnichannel strategy to provide a seamless experience to our farmers across various touchpoints both digital and physical. We plan to utilize the funding to strengthen our tech platform, hire senior talent, expand into new categories, geographies and scale to over 5,000 AgroStar branded retail stores to fuel our omnichannel strategy. We will also expand our services to provide meaningful market linkage value additions," said Shardul Sheth, co-founder, and chief executive, AgroStar.
“Our platform is easy to use for the Indian farmer and adds real value on ground for them. We believe that this is just the beginning and foresee massive acceleration in digital adoption by 140 million plus Indian farmers over the next few years," said Sitanshu Sheth, co-founder and chief operating officer (COO), AgroStar.
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