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Agritech startup AgroStar has raised $6.7 million in a fresh funding round led by Accel India and its existing backers.
Aavishkaar India, Bertelsmann, Evolvence India, Chiratae Ventures and Hero Enterprises also participated in this round.
The company’s board has approved the issue of 1,45,385 compulsory convertible preference shares at Rs 3,965 each, to raise Rs 57.6 crore, its regulatory filing accessed from the Registrar of Companies shows.
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AgroStar has raised more than $110 million so far, including $70 million in a Series D round led by Schroders.
About AgroStar
Founded in 2013 by Sitanshu Sheth and Shardul Sheth, the Pune-based AgroStar uses data and technology to give farmers access to quality agricultural products and help them improve their farming methods.
In 2022, it acquired INI Farms, a fruit and vegetable export company. This lets farmers sell their produce in over 25 countries.
AgroStar is active in about 11 states, including Gujarat, Maharashtra, Rajasthan, Madhya Pradesh and Uttar Pradesh.
According to its website, AgroStar’s digital platform and farmer network currently support over 9 million farmers.
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