The company focuses on matchmaking across demand and supply for fruits, aggregating multiple channels (wholesalers/semi-wholesalers, modern trade and general trade) in 100 cities on the demand side and 20,000 plus farmers on the supply side. Through its unique community advisory approach, it digitally engages with farmers across 400 plus production pockets and helps them align with market expectations and get better yield, thereby higher income. It processes more than 200 tons of fruits daily.
The company has grown 15x in the last 12 months with industry leading gross margins of ~20%. The growth has been unlocked on the back of its deep tech and data stack across the value chain. It has built capabilities to harness farmer chatter, estimate farmland produce and measure demand across Tier-I, Tier-II and Tier-III markets.
India’s fruit market is valued at $60 billion where every fruit is a multi-billion-dollar opportunity. Within this, it is already the leader in ‘Pomegranate’ and amongst the top 5 in several other fruit categories within a short span of 2 years. The funds will primarily be used for expansion into more demand centres, establishing dominance across supply micro-pockets and nurturing a world-class talent pool in product, engineering and other support function domains.
Shobhit Jain, co-founder, Vegrow, said, “Being a table-top consumption product, fruits are consumed raw, and consumers are highly sensitive to the quality. Vegrow adds value at source and supply chain to ensure and preserve the quality consistently. We are very excited to have Prosus Ventures lead this round and all our internals double down their partnership. We aim to grow sustainably and deliver a $5 billion. outcome within the next 5 years.”
Praneeth Kumar, co-founder Vegrow, said, “At Vegrow, we are focused on value creation for both farmers and customers. On the famers’ side, we ensure a better realization through right matchmaking, fair and transparent business practices, and value chain innovations.