Online agri-inputs vendor AgroStar has raised $70 million in Series D funding from Evolvence, Schroders Capital, Hero Enterprise and CDC. Existing investors Aavishkaar Capital, Accel, Bertelsmann, Chirate Ventures and Rabo Frontier Ventures also participated in the latest round.
“We plan to utilize the funding to strengthen our tech platform, hire senior talent, expand into new categories, geographies and scale to over 5,000 AgroStar branded retail stores to fuel our omnichannel strategy,” Shardul Sheth, Co-founder and CEO, AgroStar in a statement.
AgroStar currently has over 1,000 brand stores, located at block levels across multiple states to serve its farmers with additional touchpoints. The company serves over five million farmers across Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Uttar Pradesh. AgroStar has ramped up its brand stores from 50 to over 1,000 stores in the last twelve months.
“We will also expand our services to provide meaningful market linkage value additions for our large and growing farmer base and we will look at acquisition opportunities in this area” Sheth said.