Mumbai-based startup investment platform We Founder Circle (WFC) on Monday said it participated in three agritech startup investment deals worth $2.5 million.
These agri-tech portfolio startups include — Anveshan, an organic food startup with traceability tech; Humus, a farm to kitchen retail brand; and Hesa, a rural distribution startup that uses a phygital model and last-mile connect to villages to buy and sell.
While We Founder Circle was the facilitator of the rounds, it also invested a combined amount of $282,000.
Speaking on the development, Neeraj Tyagi, Co-founder and CEO, We Founder Circle, said,
“With the growing adoption of the internet, digitalisation, and the fact that the agricultural economy in rural India cuts a thicker slice of the overall country’s growth, one can easily say that if a model gains acceptance in this sector, then there is no stopping for it.”
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“The market reports, too, suggest that the industry can grow to $24.1 billion in five years. In a short span, we have already invested in three agritech startups, and are looking forward to making four more investments this calendar year in the vertical,” Neeraj added.
Established in Mumbai, We Founder Circle — which invested in over 17 startups in a short period of two quarters since inception in August 2020 — aims at making 40 startup investment deals by the end of fiscal 2021-22.
It invests $100,000-$200,000 amount in early-stage startups that are fueled with ambition, sustainability, and strategic approach.
WFC provides seed funding, business development, and global networking opportunities to startups as it believes early-stage startups need a lot beyond just financial support to become scalable and stable.
Last month, Delhi-based agritech-focussed investment firm Egreens also announced it has set up a Rs 15 crore agritech fund for early-stage startups in India.
Egreens will focus on those agritech startups, which use innovative technologies and disruptive business models across the entire value chain of food production, storage, and transportation, the company said in a statement.