GIC, the Singapore sovereign fund, is reportedly in talks to invest in the Indian startup Vegrow, which operates a business-to-business marketplace for fruits. The potential deal could see GIC leading a $40 million Series C funding round for Vegrow, valuing the startup at about $250 million. Vegrow aims to bridge the gap between fruit demand and supply by aggregating various channels, including wholesalers and semi-wholesalers, across over 100 cities. The company currently works with more than 20,000 farmers and has received previous funding from investors such as Prosus Ventures, Lightspeed, and Elevation.
If the investment goes through, it would further boost Vegrow’s growth and expansion plans, providing the necessary capital for its continued operations and development. The startup’s innovative approach to the fruit supply chain has attracted attention and support from various investors, including prominent venture capital firms. By connecting different facets of the industry, Vegrow aims to streamline and optimize the fruit distribution process, ensuring a reliable and efficient supply for customers across India.
GIC’s interest in Vegrow highlights the potential and market opportunity present in the Indian agricultural sector. With the increasing demand for fresh produce and the need for a more organized supply chain, startups like Vegrow play a crucial role in meeting these challenges. Furthermore, GIC’s involvement not only validates Vegrow’s business model but also emphasizes the attractiveness of India’s startup ecosystem for global investors. This potential partnership between GIC and Vegrow could be a significant milestone for the Indian startup, positioning it for further growth and success in the future.