Singapore sovereign fund GIC is reportedly in talks to make an investment in Indian startup Vegrow, which operates a B2B marketplace for fruits. The potential deal would see GIC leading a $40 million Series C funding round for Vegrow, with the startup currently valued at around $250 million. Vegrow’s platform aims to address the demand and supply gap for fruits by aggregating various channels, including wholesalers, semi-wholesalers, and players from modern and general trades. The startup had previously raised funds from investors such as Prosus Ventures, Lightspeed, Elevation, Better Capital, and Ankur.
Vegrow’s business model focuses on bringing together different stakeholders in the fruit supply chain to streamline operations and enhance efficiency. With its extensive network of over 100 cities and collaborations with wholesalers, semi-wholesalers, and other industry players, the company has established itself as a leading player in the sector. The potential investment from GIC would provide Vegrow with the necessary capital to further expand its operations, onboard more farmers, and continue its mission of bridging the gap between supply and demand in the fruit market.
The investment talks with GIC indicate growing investor interest in the Indian agritech space, which has witnessed significant growth in recent years. Vegrow’s innovative platform, combined with its strong network and successful fundraising track record, positions it as an attractive investment opportunity. While the terms of the deal have yet to be finalized, the potential Series C funding round led by GIC would not only provide Vegrow with the necessary financial support but also validate its business model and propel its growth in the highly competitive Indian startup landscape.