Pune based agritech startup AgroStar announced on Tuesday that it has raised $70 Mn in a series D round. The series D round saw funding from a battery of new and existing investors. New investors who reposed their faith in the Pune-based startup include Evolvence, global asset manager Schroders Capital, Hero Enterprise and UK’s development finance institution CDC. On other hand, existing investors Aavishkaar Capital, Accel, Bertelsmann, Chiratate Ventures and Rabo Frontier Ventures.
AgroStar did not comment on the valuation it commanded in the latest round. The agritech startup had to wait for more than two years for raising fresh funds. AgroStar’s funding size is pretty impressive considering that the size of most of the funding rounds is usually small in the agritech space, mostly in the range of $10 to $30 Mn.
But things are changing for better as the funding sizes have started getting bigger. Flipkart owned Ninjacart had raised $90 Mn in 2019 while Waycool is currently is in talks to raise $100-$120 Mn.
AgroStar will channelize the funds for ramping up its products, expanding business growth, recruiting and strengthening the omnichannel strategy.
AgroStar is essentially a full stack platform dedicated to farmers, offering farm consulting/advisory solutions and agriculture products through omnichannel strategy. Speaking specifically about the omnichannel strategy, the company has 1000 offline stores or touchpoints across several states including Madhya Pradesh, Uttar Pradesh and Maharashtra.
The company has the ambition of having 5,000 more such sales point in couple of years.
The Pune based company competes with couple of well-funded and high profile startups like Unnati, GramoPhone and DeHaat.