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. It intends to use the funds from the current round to grow its technology platform, hire senior talent, and further scale its omnichannel strategy.
The round also witnessed participation from current investors Aavishkaar Capital, Accel, Bertelsmann, Chiratae Ventures, and Rabo Frontier Ventures.
Eight-year-old AgroStar leverages data and technology to support farmers with a path to high-quality agri-inputs. The startup’s agri inputs platform serves over five million farmers across states of Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, and Uttar Pradesh, it stated.
“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 for our large and growing farmer base and look at acquisition opportunities in this area,” stated Shardul Sheth, co-founder, and chief executive officer (CEO), AgroStar.
The company refused to reveal the post-money valuation following the investment.
As per the company, farmers use the AgroStar app to read and watch agronomy content, post pictures of their crop problems to get advice, share and comment on fellow farmer posts, use voice search to look for agri products, and transact on the platform.
“The platform has seen a ten-fold growth in video content consumption over the last year. Our platform is easy to use for the Indian farmer and adds real value on the 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,” shared Sitanshu Sheth, co-founder and chief operating officer (COO), AgroStar, in a statement.