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<ul><li><keyword id="366603" type="COMPANY" weightage="20" keywordseo="Matrix-Partners-India">Matrix Partners India</keyword>, Ankur Capital, Better Capital and <keyword id="8830555" type="UNKNOWN" weightage="20" keywordseo="titan-capital">Titan Capital</keyword> also participated in the round.</li><li><keyword id="9611309" type="UNKNOWN" weightage="20" keywordseo="VeGrow">Vegrow</keyword> provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices.</li><li>The <keyword id="3210932" type="PERSON" weightage="20" keywordseo="B2B-startup">B2B startup</keyword> is looking to expand to 100 cities, invest in technology and launch new products.</li></ul>Business-to-business (B2B) agritech startup for sourcing fruits and vegetables, Vegrow, has raised $13 million in a Series A round co-led by <keyword id="455799" type="COMPANY" weightage="20" keywordseo="Lightspeed-Venture-Partners">Lightspeed Venture Partners</keyword> and Elevation Capital. Existing investors Matrix Partners India, Ankur Capital, Better Capital and Titan Capital also participated in the round. The company had raised $2.5 million in a seed round in June 2020. Vegrow was founded in April 2020 by Indian Institute of Technology (IIT) alumni Praneeth Kumar, Shobhit Jain, Mrudhukar Batchu and Kiran <keyword id="50744" type="PERSON" weightage="20" keywordseo="Naik">Naik</keyword>, who have varying experience in the agri sector. Kumar and Jain started their career at fast moving consumer goods (FMCG) giant ITC’s agribusiness division, whereas Batchu and Naik were directly involved in farming. The company works with small-hold farmers on a profit sharing model and offers assistance across various stages of the farming cycle using technology. Vegrow provides a technology platform to farmers, which can be used to get high quality farm inputs and best farming practices. The platform also enables farmers to sell their harvest to the right buyers for the right price. The B2B startup claims to help farmers in getting higher returns, reducing supply-chain wastage and improving procurement for wholesalers. The company’s founders have emphasised that the new funding will help Vegrow to expand to 100 new cities, invest in technology and launch new products. The company claims to be one of the largest companies for pomegranates in the country in less than a year. Meanwhile, Lightspeed’s partner Vaibhav Agrawal said that companies building a tech-enabled marketplace between farmers and buyers could help eliminate inefficiencies and would have large market opportunities eventually. “Additionally, many marketplaces have scaled up on negative unit margins in this category, so we were really impressed by the growth and positive unit margin Vegrow has demonstrated using its technology-oriented approach to standardise quality, minimise inventory and retain farmers,” Agrawal added. Apart from Vegrow, other companies in India’s agritech space include Ninjakart, AgNext, Samunnati, Dehaat, Farmart, and WayCool. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms" data-type="tilCustomLink">Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO</a> <a href="https://www.businessinsider.in/business/startups/news/globalbees-has-raised-150-million-in-few-months-of-launch-to-acquire-more-businesses/articleshow/84552291.cms">GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-out-if-your-phone-is-infected-by-the-pegasus-spyware/articleshow/84578193.cms">This toolkit will tell you if your phone is infected by the Pegasus spyware</a>

Agritech startup Vegrow raises $13 million Lightspeed, Elevation

<ul><li><keyword id="11575469" type="UNKNOWN" weightage="20" keywordseo="tatva-chintan-pharma-chem">Tatva Chintan Pharma Chem</keyword> gets subscribed 182 times on the final day of bidding.</li><li>The portion reserved for retail investors has been subscribed 35.68 times.</li><li>Most analysts were bullish on the IPO and had suggested subscribing for the long term on strong growth opportunities in global markets.</li></ul>The public issue of Gujarat-based speciality chemical manufacturer Tatva Chintan Pharma Chem was a hit among investors, especially from non-institutional investors and qualified institutional buyers. The issue size was subscribed 182.04 times on the third and final day of the issue on July 20. The initial public offering (IPO) was subscribed much more than that of the recent speciality chemical company Clean Science and Technology IPO which was 95 times. The initial public offering (IPO) has received bids for 58.83 crore equity shares against the IPO size of 32.31 lakh equity shares. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscription Status </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">186.96 times </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">516.99 times </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Retail individual </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">35.68 times </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">182.04 times </td></tr></tbody></table>The ₹500 crore IPO included ₹225 crore of fresh equity shares by the company and ₹275 crore of offer for sale (OFS) by promoters and shareholders. The IPO was open for subscription from July 16 to July 20 with a price band of ₹1,073-1,083. The company manufactures a range of products in specialty chemicals category and serves industries like automotive, petroleum, pharmaceutical, agro chemicals, paints and coatings, dyes and pigments, personal care and flavour and fragrances industries. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/swiggy-raises-1-25-billion-in-a-mega-round-of-funding-led-by-softbank-and-prosus/articleshow/84578974.cms">Swiggy raises $1.25 billion from SoftBank, after Zomato’s $1.3 billion IPO </a> <a href="https://www.businessinsider.in/insider-picks/news/agritech-startup-vegrow-raises-13-million-lightspeed-elevation/articleshow/84583871.cms">Vegrow, a startup that provides tech to farmers, raises $13 million </a>

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Agritech startup Vegrow raises $13 million Lightspeed, Elevation

Kritti Bhalla

Tatva Chintan Pharma Chem get subscribed 182 times on the final day of bidding

Bhakti Makwana

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