Agritech platform Clover has kicked-off its Series B round and it’s raising close to $8 million from new and existing investors. The fresh round for the Bengaluru-based company is coming after a gap of two and a half years.
Clover has passed a special resolution to issue 100 equity and 2,90,047 Series B preference shares at an issue price of Rs 982 per share to raise Rs 28.5 crore or $3.6 million from IvyCap ventures, its regulatory filing with the Registrar of Companies (RoC) shows.
The remaining funds will be infused by their existing investor: Accel India, but the company has not provided further details on it.
As per Fintarckr’s estimates, the company has been valued around at $35-40 million post allotment. The Series B round appears to be an ongoing one and the company may raise more funds.
Founded by Avinash BR, Gururaj Rao, Arvind Murali, and Santhosh Narasipura, partners with farmers across India to market premium quality, branded, greenhouse-grown fresh produce through B2B and B2C channels.
While the company is yet to file its financial statements for FY22, its operating revenue from operations grew two fold to Rs 13.27 crore in FY21, as per the company’s annual financial statement filed with the RoC. The Accel-backed company booked a loss of Rs 24 crore in the fiscal year ending March 2021.