Agritech startup INI Farms has raised Rs 16 crore or $1.95 million in its maiden funding round from ESG First Fund, managed by Aavishkaar Capital (Aavishkaar), an Aavishkaar Group company.
According to INI Farms, this investment will allow them to grow multi-fold with expansion into the entire agriculture output business and leveraging their strong supply chain capabilities.
Founded in 2009, by Purnima and Pankaj Khandelwal, INI Farms is a exporters of fruit and vegetable crops with large-scale pan-India operations spanning contract farming, aggregation, supply chain management and serving food retailers globally.
The startup was acquired by AgroStar in a cash and stock deal in March last year. The Accel-backed company is an agritech firm having built an agronomy advisory center which has a digital farmer network of over 5 million users, and a retail network of more than 2,000 stores. Aavishkaar is an existing investor in AgroStar.
Aavishkaar Capital is an Impact fund manager focused on the Global South. It invests in high environmental and social impact sectors across India, emerging Asia, and Africa. Aavishkaar Capital has successfully raised eight funds, while generating commercial returns with over $555 million in assets under management.