Friday, February 23, 2024
-Advertisement-
Reimagining Public Sector Analytics
Reimagining Public Sector Analytics
HomeNewsStartupsAbsolute Foods likely to raise $90 million funding at $300 million valuation

Absolute Foods likely to raise $90 million funding at $300 million valuation

Follow Tech Observer on Google News

Absolute Foods is gearing up for a $75-90 million (Rs 558-670 crore) fundraising round led by global investors Falcon Edge and Tiger Global, which values the five-year-old agritech firm at $250-300 million.

Google News

is gearing up for a $75-90 million (Rs 558-670 crore) fundraising round led by global investors Falcon Edge and Tiger Global, which values the five-year-old firm at $250-300 million, reported Economic Times citing sources.

The company is expected to raise the majority of the funds in the next few weeks, in what may be one of the largest fundraising rounds in India's agritech market, they said.

The report said that currently due diligence is being conducted and final binding proposals will be submitted in about a week. The funds will be utilised to accelerate the company's technical growth and expand into other industries.

Absolute Foods, founded in 2016 by  Agam Khare, Prateek Rawat, and Samder Singh, focus on the entire agricultural value chain – from seed to harvest. Its digital platform is an -driven operating system that can be used in vertical farms, greenhouses, and open fields, enabling farmers to grow crops without the use of synthetic enzymes or genetically modified organisms.

Absolute Foods' software, which works with over 8,000 farmers across 25,000 acres, can identify 63 crop varieties and their optimal harvesting settings, according to the company's website.

The business operates in India, the Middle East, and North Africa. The startup raised $2 million in March this year from Sequoia Capital's Surge incubation programme and two angel investors: Nadir Godrej and Sanjiv Rangrass.

Agritech businesses are gaining traction with risk investors, with many entrepreneurs raising financing in the previous few months. DeHaat, Gramophone, Bijak, Onato, Agrostar, Reshamandi, BharatAgri, and TartanSense were among them.

Get the day's headlines from Tech Observer straight in your inbox

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
Tech Observer Desk
Tech Observer Desk
Tech Observer Desk at TechObserver.in is a team of technology reporters led by a senior editor who brings latest updates and developments from the world of technology.
- Advertisement -
Reimagining Public Sector Analytics
Reimagining Public Sector Analytics
- Advertisement -Veeam
- Advertisement -Reimagining Public Sector Analytics
- Advertisement -ESDS SAP Hana

Subscribe to our Newsletter

83000+ Industry Leaders read it everyday

By subscribing you agree to our Privacy Policy, T&C and consent to receive newsletters and other important communications.
- Advertisement -

HFCL to establish Rs 144 crore optical fiber cable plant in Poland

For this purpose, HFCL will create a new stepdown subsidiary under HFCL B.V., its wholly-owned subsidiary in the Netherlands.

RELATED ARTICLES