Agritech platform GROWiT raises Rs 3 cr in seed round led by IVY Growth
Apr 11, 2022
New Delhi [India] April 11 (ANI/ATK): Surat-based protective farming agritech platform GROWiT has raised INR 3 Crores (30 Million) in seed funding through a close network of investors. The round was led by Mehul Shah from IVY Growth. Coppermint LLP, Gaurav Singhvi (Co-founder, WFC), Rajeev Goel (Sagar Life Sciences), Sunay Shah (Mahati Electrics), Rohan Desai (CEO, Triumph Capital), and Mukul Goyal (Tapi Capital LLP) are some of the investors that joined in the round.
The platform plans to make use of these funds by investing in its research and marketing processes that will ultimately enable GROWiT in expanding its customer base and producing standard quality cost-effective protective farming materials and products. The fund will also be utilised for strengthening the "GROWiT App", which is designed to assist farmers for better understanding of protective farming practices and products.
Talking about the seed round, Saurabh Agarwal, Founder, GROWiT India Pvt. Ltd. stated, "At GROWiT, we are building a guided protective farming ecosystem with a clear goal to double the farm output of the country by 2030. We are helping and educating the farmers of rural areas regarding the benefits of protective farming products. These funds will effectively go in building this vision and is in line with our agri expansion strategy."
Adding to this, Sunay Shah from Mahati Electrics said, "Agritech certainly is a fascinating word today but what GrowiT is doing is more tangible in terms of having a product as well as a platform backed by technology. This looks to be a more promising venture. Agriculture as an industry is poisoned with chemicals but here is a platform which is working on crop protection in non toxin ways hence more green as I see it . 4 parameters of my Investments are met - scalable , sustainable, profitable, vegan. The management has a zeal to do their bit for the society and educating farmers is what they've chosen through GrowiT."
Further talking about the fundraise, Mukul Goyal from Tapi Capital LLP said, "There are always two types of companies - one who creates the market and the others who follows it. GrowiT is the first one to educate the concept of protective farming. Our reason for investing was very clear that we believe in their ideas of sustainability, farmer's economic growth, and entering into an untapped market space for years."
With regard to this seed funding, Rohan Desai CEO, Triumph Capital said, "The main reasons for choosing GrowiT as an investment avenue are that their products are really innovative considering the fact that it helps farmers to a great extent. The potential for organic food is vast in India, therefore protective farming is the need of the hour. Lastly, the management of the company is very dynamic, innovative, and hardworking considering the fact they have developed the product according to the needs of farmers."
GROWiT was founded in 2019 with a vision to increase the crop yield through protective farming products. It is India's first D2C protective farming agritech company. The major focus area of the company is to provide critical solutions like quality food, climate smart agriculture, farmer empowerment, and raising farmer's productivity. The company has also established Grow Kshetras (Demo Farms) at every Taluka for farmers to educate them about protective farming and other profitable farming practices. Currently, the platform is serving 15000+ farmers through around 117 franchise stores. GrowiT is further aiming to expand its franchise network to almost 300 franchise stores by the end of this fiscal year and serve around 2.5 lakh farmers.
GROWiT India Pvt. Ltd. founded by Saurabh Agarwal is a state-of-the-art manufacturer and distributor of advanced protective farming inputs. It is India's first Direct-to-Farmer (D2F) protective farming agritech company. The firm is specialised in creating high-quality and cost-effective protective farming materials and manufacturing products. It ensures optimum quality and high yield for the Indian Agricultural & Farming Industry while lowering its carbon footprints.
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