VC Fund Investments
Agritech startup AGRIM raises $10-M from Kalaari, Axis Bank, others
Gurugram-based AGRIM, a B2B platform for agri-inputs, has raised USD 10 million in Series A funding led by Kalaari Capital, with participation from existing investors Omnivore, India Quotient, and Accion Venture Labs. Axis Bank also joined the round as part of its Bharat Banking initiative. AGRIM plans to use this funding for talent acquisition, embedded fintech product development, and scaling up operations. The startup expects to clock annualised GMV (gross merchandising value) of USD 100 million in 2022. It further plans to increase stock-keeping units by 10x, to reach 250,000 SKUs across agri-input categories, providing retailers with a vast selection on the platform. As agri-input retailers and manufacturers suffer from steep working capital requirements, AGRIM will soon be launching financial services to ease their burden while ensuring optimum stocking.
From the Venture Intelligence PE-VC Deal Database: In May-20, AGRIM raised $1.9 M from India Quotient, Omnivore Partners, Accion International, Sequoia Capital India, and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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