Sunday, September 25, 2022
HomeInsightFunding Alert Agritech startup GROWiT raises seed funding

[Funding alert] Agritech startup GROWiT raises seed funding

Agritech startup GROWiT
Agritech startup GROWiT

GROWiT, a protective farming agritech company has raised Rs 3 crore in its seed funding round from IVY Growth.

The round also saw participation from Coppermint LLP, Rohan Desai (CEO, Triumph Capital), Singhvi (Co-founder, WFC), Rajeev Goel (Sagar Life Sciences), Sunay Shah (Mahati Electrics), and Mukul Goyal (Tapi Capital LLP).

The agritech startup will utilize the funds by investing in its research and marketing processes which will ultimately enable the company to expand its customer base and produce standard quality cost effective protective agricultural materials and products.

Surat-based GROWiT was founded in 2019 by Saurabh Agarwal, It is a protective agriculture agritech company, whose main focus is to provide critical solutions like quality food, climate smart agriculture, farmer empowerment and increasing farmer’s productivity.

“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”, said, Saurabh Agarwal, Founder, GROWiT India Pvt. Ltd.

The startup has also set up Grow Kshetras (demo farms) in each taluka to educate farmers about protective farming and other profitable farming practices.

Currently, the platform is serving over 25,000 farmers across four states through around 117 franchise stores.

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”, said, Rohan Desai, CEO, Triumph Capital.

The products of the agritech startup include Mulch film, crop/tree cover, fruit/plant cover, agri wire, shade nets, vermi bed, grow bag etc.

“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”, said, Mukul Goyal from Tapi Capital LLP.

The startup aims to expand its franchise network to around 300 franchise stores and serve around 2.5 lakh farmers by the end of this financial year.

About GROWiT :

GROWiT India, is the agricultural arm of Alpha Plastomers Private Limited and was born with the intention to manufacture advanced and innovative products that ensure optimum quality and yield for the Indian Agricultural & Farming Industry while lowering its carbon footprint. Their goal is to be go-to partners for major protective farming products, such as plastic mulch film, shade nets, crop/fruit covers, sticky traps, pond liners, lay flat tubes, vermi beds, mulch laying/hole punching machines, and agri wires, that will ensure sustainable, efficient and cost-effective agricultural practices.



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