India: Investment firm Egreens sets up fund for agritech startups

Photo by Cezanne Ali on Unsplash

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

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.