Climate Insider Brief:
- Shilpa Shetty-backed farmer producer organisation Kisankonnect has secured Rs 31 crore in a pre-series A funding round.
- The round was led by Green Frontier Capital (GFC), a climate technology-focused fund, and included participation from Dhanuka Agritech, VC Grid, and other family offices.
- Kisankonnect’s CEO, Vivek Nirmal, highlighted the company’s tech-enabled, temperature-controlled, and fully traceable supply chain.
PRESS RELEASE – January 15, 2024 – Shilpa Shetty-backed farmer producer organisation Kisankonnect, which sources fruits and vegetables from farms and delivers to customers’ doorstep, has raised Rs 31 crore in pre-series A round, it announced on Monday. The round was led by a climate technology-focused fund Green Frontier Capital (GFC) and also saw participation from crop protection company Dhanuka Agritech, VC Grid (community of family offices and HNIs) and other family offices.
Vivek Nirmal, Founder and CEO said “Our extensive work on the farm front also benefits our consumers, as they get a safer produce to consume. Our tech-enabled temperature controlled and fully traceable supply chain is unique in the country. This helps the sorted and graded fresh produce of our farmers, to reach our consumers in Mumbai and Pune in the shortest possible time. The wastages are reduced significantly which ensures fair prices for farmers and consumers both, while helping reduce carbon emissions in the Agri supply-chain.’
Kisankonnect currently delivers to over 1 lakh customers in Mumbai and Pune through its D2C app and farm-stores. It also produces and sells curated agri-produce and hand-made snacks through its ‘Village Staples’ and ‘Mom’s Kitchen’ categories. These are produced by rural women in a central kitchen. Bollywood star Shilpa Shetty had backed the company in its angel round in May last year.
“Kisankonnect is revolutionizing the field with its dedication to soil improvement, reduced chemical usage, and elevated farm productivity – values that align seamlessly with our mission to champion climate tech innovations. The company’s commitment ensures that fresh produce arrives on your plate at lightning speed,” said Sandiip Bhammer, Managing Partner and Founder, GFC.
India’s agri-tech sector recorded an investment boom in FY22, its most successful year attracting VC money, with investments totalling $1,279 million. This surge was followed by a sharp contraction in FY23, a trend aligned with the broader global slump in agri-tech investments. Between FY22 and FY23, investments in Indian agri-tech fell by a staggering 45 per cent to $706 million, according to a September 2023 report by consulting firm FSG.
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SOURCE: Financial Express
Featured Image: Credit: KisanKonnect
