July 12, 2024
GIC in talks to lead $40 million funding in India's Vegrow

GIC is in talks to invest in the Indian startup Vegrow, which runs a business-to-business marketplace for fruits, two sources familiar with the matter said.

The Singapore sovereign fund is evaluating leading a $40 million Series C funding round in Vegrow, the sources said. The talks, which have not finalized and so the terms could still change, currently value the Indian startup at a pre-money valuation of about $250 million, one of the sources said.

Vegrow, which raised its Series B funding round from Prosus Ventures at a valuation of about $170 million last year, focuses on bridging the gap between demand and supply for fruits by aggregating a diverse range of channels. The eponymous platform, which operates across over 100 cities, brings together wholesalers, semi-wholesalers, as well as players from modern and general trades on the demand side. Vegrow was working with over 20,000 farmers as of a year ago.

Vegrow also counts Lightspeed, Elevation, Better Capital and Ankur among its backers. GIC and Vegrow didn’t respond to a request for comment.

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