By Inc42 Media
Two Brothers Organic Farms’s new funding round also saw participation from existing backer Raju Chekuri, the founder of data security firm NetEnrich
The startup plans to deploy the fresh proceeds to support its business growth in India and overseas, while also exploring demand side opportunities and expanding supply side operations
The fundraise comes at a time when India’s agritech space has been gaining a lot of traction from the investors
Agritech startup Two Brothers Organic Farms has raised INR 58.25 Cr (around $7 Mn) in a Series A funding round led by Zerodha’s investment arm Rainmatter Capital.
The round also saw participation from existing backer Raju Chekuri, the founder of data security firm NetEnrich.
The startup plans to deploy the fresh proceeds to support its business growth in India and overseas, while also exploring demand side opportunities and expanding supply side operations, cofounder Ajinkya Hange told Inc42.
Business Standard reported the development first.
“We are glad to have like-minded individuals and organisations participate in this fundraising effort, especially our lead investors Nithin Kamath of Zerodha and Raju Chekuri, who understand and support our vision for the organic food business in India and abroad,” Hange said in a statement.
“This substantial funding will empower us to cater to our consumers in India and help us assist Indian farmers in embracing organic farming practices,” it added.
Founded in 2016, Two Brothers Organic Farm makes revenue by selling farm produce such as cow cultured ghee, groundnut oil, khapli wheat flour, sugarcane jaggery and more. The company claims to have launched various initiatives to create awareness about organic farming among farmers, and has also trained over 16,000 farmers in sustainable farming over the past few years.
The company competes with FarMart and AgroStar among others in the agritech industry today.
The fundraise comes at a time when India’s agritech space has been gaining a lot of traction from the investors.
According to an EY report, India’s agritech startups are looking at a total market opportunity worth $24 Bn by 2025.
In May, another agritech startup FarMart raised INR 24 Cr ($2.8 Mn) as part of a financing round from Swiss asset manager ResponsAbility Investments.
In April last year, actor Akshay Kumar and former cricketer Virender Sehwag alongside few other investors invested INR 14.5 Cr in the company in a Pre Series A round to expand the business domestically and globally, while also enhancing the manufacturing capacity and conducting training facilities for the farmers associated with the startup.