Investment firm Egreens on Wednesday said it has set up a fund worth Rs15 crore for agritech startups. Egreens will focus on startups that use innovative technologies and disruptive business models across the entire value chain of food production, storage and transportation, the company said in a statement.
The company has already invested Rs15 crore in its own venture VegEase, which sells fruits and vegetables with its cart-at-home model. VegEase will use the fresh infusion of funds to diversify into the B2B space.
Egreens’ focus includes innovative market linkages, use of AI and machine learning in farming practices and implementation of IoT (Internet of Things) across the supply chains.
“The agricultural supply chain in India is very fragmented, with last-mile delivery being almost missing. Therefore, it offers a tremendous opportunity to identify and invest in the right start-up who is trying to solve this problem.” Mayank Chaurasia, Founder and CEO, Egreens, said.
Egreens is looking to invest in startups that will eventually create forward and backward integration with VegEase.
“While VegEase is present in the B2C segment, we want to increase our footing in the B2B, B2B2C segments in diverse markets,” he added.
Since its inception in January this year, VegEase has achieved a turnover of Rs7 million, with a customer base of over 15,000 in the Delhi/NCR region, with 5,000 customers coming on board in April 2021 alone, and a return rate of 0.25% of unwanted produce, as against the industry average of 2-3%.
This article was first published on livemint.com