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Agritech startup Superplum raises $15 Mn in Series A round

EntrackrEntrackr · 1y ago
Agritech startup Superplum raises $15 Mn in Series A round
Medial

Agritech startup Superplum has raised $15 million in its Series A financing round led by Erik Ragatz, former partner and current senior advisor of private equity firm Hellman & Friedman. Ragatz joins a group of Superplum’s current investors including Mark Siegel, Dan Rose, Steve Jurvetson, Rick Kimball, Binny Bansal, and Kabir Misra. The Noida-based startup closed its pre-Series A round of $3.8 million in June 2021 and has raised close to $22 million to date. The funds will enable Superplum to continue to build out its infrastructure and accelerate its journey to transform produce supply chains in India, the company said in a press release. Started in 2019 by Shobhit Gupta, Superplum has built a direct-from-farm produce supply chain, using proprietary technology and cold-chain infrastructure to improve how produce is grown and brought to market. The company extends shelf lives and enhances fruit quality, reducing food waste and improving farmer incomes. It claims to be India’s first premium fruit brand that provides consumers with superior quality and healthier produce—across mangoes, litchis, apples, grapes, cherries, and plums, among others. The company works with farmers across 22 states in India including Bihar, Kashmir and Karnataka and runs modern sourcing and supply chains for 25 fruits across the year. Superplum sells its produce through Amazon Fresh, Zepto, Swiggy, and Blinkit. Its premium fruits are also available at major retailers such as Spar, Metro, Lulu, Modern Bazaar, More, and Trent as well as grocery stores in NCR and Bengaluru. According to startup data intelligence platform TheKredible, agritech startups saw a sharp fall in investment to $182 million in 2023 from $773 million in 2022 and $635 million in 2021.

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ErlySign raises $1.8 Mn in pre-Series A round from Ashish Kacholia

EntrackrEntrackr · 7m ago
ErlySign raises $1.8 Mn in pre-Series A round from Ashish Kacholia
Medial

ErlySign raises $1.8 Mn in pre-Series A round from Ashish Kacholia Healthtech startup ErlySign has raised Rs 16 crore ($1.8 million) in its pre-Series A round from Ashish Kacholia. The proceeds will be used in clinical trials, securing CDSCO (Central Drugs Standard Control Organisation) approvals, and bringing ErlySign’s oral cancer detection kit to market. Founded in 2019 by Shubhendra Singh Thakur and Deovrat Begde, ErlySign develops solutions for early detection of oral cancer. The startup also claims to offer India’s first salivary biomarker-based test which can identify pre-cancerous conditions much before visible symptoms emerge. Looking ahead, ErlySign plans to use CRISPR miRNA-based testing technology to detect multiple types of cancer using the same saliva sample within 15–20 minutes.

MangoPoint raises $1 Mn in pre-Series A round led by IPV

EntrackrEntrackr · 21d ago
MangoPoint raises $1 Mn in pre-Series A round led by IPV
Medial

MangoPoint raises $1 Mn in pre-Series A round led by IPV Chennai-based agritech exporter MangoPoint has secured $1 million in a pre-Series A funding round led by Inflection Point Ventures (IPV), with participation from The Chennai Angels, Native Angel Network, Keiretsu Forum India, Fondation Botnar, IIM-CAN, Metis Family Office, and JITO Incubation and Innovation Foundation. The fresh funds will be used to scale infrastructure, expand into new markets, strengthen backend operations, and diversify product offerings. Founded in 2018 by Manjula Gandhi Rooban and Prasanna Venkatarathnam, MangoPoint is a premium exporter of chemical-free, single-origin Indian mangoes and processed mango products, primarily serving North America and Europe. The startup handles over 2,000 metric tonnes of mangoes annually and plans to scale this tenfold to 20,000 MT in the coming years. It has APEDA and NPPO-recognized packhouses, and FDA clearance for exports to key international markets. As per the market research, the global mango industry is valued at $60 billion, with India contributing $20 billion, growing at 4.9%–8% CAGR.

Exclusive: Waycool raises $12 Mn debt from Grand Anicut

EntrackrEntrackr · 11m ago
Exclusive: Waycool raises $12 Mn debt from Grand Anicut
Medial

Waycool, the Chennai-based agriculture supply chain firm, has raised Rs 100 crore (about $12 million) in debt financing from Grand Anicut. This is the first major infusion in the company in the last two years. The board at 1,000 Series B6 debentures at an issue price of Rs 10,00,000 each to raise Rs 100 crore or $12 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The debt carries a coupon rate (interest) of 18% per annum with a tenure of 18 months. The company plans to use the funds for ongoing business operations, according to the filings. This debt round is a significant breakthrough for Waycool, as the company has been struggling to raise an equity round. Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for fast moving consumer goods or FMCG companies. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. It was also negotiating for more than $50 million which could have propelled its valuation in the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round. To cut costs, the firm also laid off 200 employees across departments as the company was eyeing profitability by July this year. Waycool registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 whereas its losses surged by 89% to Rs 685 crore during the same period. It’s yet to file an annual report for FY24. The debt funding for Waycool highlights the scarcity of equity capital for agritech startups. Notably, three companies—Waycool, Dehaat, and Ninjacart—have been close to achieving unicorn status for the past couple of years. However, the sector has yet to produce its first unicorn. According to startup data intelligence platform TheKredible, agritech remains one of the least funded segments in 2024, with over 30 startups raising only $150 million by September. This follows a challenging trend, as last year saw just $178 million in agritech funding, a steep decline from $772 million in 2022 and $636 million in 2021. On Monday, agritech firm Greenikk shut down its operations due to operational challenges.

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