AgroStar Secured 70 Million in its Series D Round

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AgroStar Secured 70 Million in its Series D
Financing Round
AgroStar Startup Funding News The omnichannel
agricultural market for advisory services and
trade AgroStar has secured 70 million in its
Series D financing round led by Evolvence,
Schroders Capital, Hero Enterprise, and CDC. The
new round came after 33 months for
AgroStar. Bertelsmann India had led a 27
million Series C round within the Pune-based
company in March of 2019. The new money will be
used to expand business and product offerings and
hire and enhance multichannel strategies, stated
the company in the press release. It was
launched in 2013 as a missed-call knowledge
program for agriculturalists. AgroStar has
evolved into an all-stack platform for farmers
and offers farm advisory services and agri inputs
using a combination of offline and online
channels. AgroStar has more than 1,000
offline touchpoints in Madhya Pradesh, Uttar
Pradesh and Maharashtra, as well as other
regions. You may also like to read Zepto on Its
Way to Raise 250 Million AgroStar plans to
install at least 5,000 touchpoints like this over
the coming years. According to its website, its
Android-only application has more than 5
million downloads, where farmers share their
knowledge and can purchase authentic agricultural
inputs. The company's offerings
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have been limited to content and commerce
up to the present time, but it's expected
to start lending shortly. Although the
company has yet to announce financial
results for FY21, its operating earnings
jumped by 80 to 153.69 million in FY20,
which was just 85.56 crore for FY19. In
terms of revenues, the losses increased by 78
to 93.81 million in FY20, up from the 52.82
million in its previous budget period
(FY19). Also read CRED is Looking to Acquire
Happay It is among the largest rounds of
funding for Agritech startups in India. The
month of October was when Patna, along with
Gurugram-based DeHaat, were able to secure
115 million in the Series D round, which was
the largest amount ever raised by an Indian
agricultural tech startup in one time. Tiger
Global, which Ninjacart backs, also received
a sum of 90m during its series C round.
However, Waycool has launched an additional round
and is expected to raise more existing and new
investors. Entrackr reported exclusive news
of this on the 13th of October. AgroStar
is competing with Unnati, Gramophone, DeHaat and
other companies. Unnati also has raised the sum
of 8.5 million from Incofin Investment
Management, NabVentures and Orios.