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Nw : Absolute Meals raises $100 million in funding led by Sequoia Capital, Alpha Wave, Tiger International

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Synopsis

Final year, Absolute Meals had raised $2 million from Sequoia Capital’s incubation programme, Surge, and two angel investors: Nadir Godrej and Sanjiv Rangrass.

Mumbai: Agritech startup Absolute has raised $100 million all over recent funding rounds from Sequoia Capital India, Alpha Wave International and Tiger International.

The corporate said it is valued at roughly $500 million.

ET became the principle to file about its fund-elevating plans on November 5 final year.

Final year, Absolute had raised $2 million from Sequoia Capital’s incubation programme, Surge, and two angel investors: Nadir Godrej and Sanjiv Rangrass.

The corporate will use the funds to bolster its three core platforms – bioscience be taught platform, recent Farm OS, and global alternate platform, it said.

Founded in 2015 by Agam Khare and Prateek Rawat, Absolute controls the total cycle of agricultural safe, factual from seed to reap.

Peek the tales of your ardour

  • Its digital platform is an Synthetic Intelligence-pushed running system that will also be implemented all over vertical farms, greenhouses and open farms, enabling farmers to grow crops without using synthetic enzymes and genetically modified organisms.

    It operates R&D platforms (BioX), intersecting plant biology, microbiology, omics, molecular biology, epigenetics and AI.

    The corporate’s revenues maintain grown 12x within the final twelve months, it said in an announcement.

    Absolute serves recent safe in around 10 international locations and is rising in other markets.

    It’s additionally within the strategy of deploying its Farm OS all over bigger than 100,000 acres of its subsequent-skills precision farm network.

    “This capital helps us with skills growth, hiring talent and scaling to more recent markets and segments,” chief govt Khare said.

    Agri-tech corporations are extra and extra gaining traction amongst threat investors and plenty of such startups, including DeHaat, Gramophone, Bijak, Onato, Agrostar, Reshamandi, BharatAgri and TartanSense, maintain raised capital within the recent past.

    “The team at Absolute has spent years researching every sever and in spite of all the pieces working out why crops grow, behave and live in obvious programs,” said GV Ravishankar, managing director, Sequoia India.

    Absolute’s AI-pushed scientific reach to agriculture creates a meaningful uplift for all contributors all over the agri-price chain, said Navroz D Udwadia, cofounder, Alpha Wave International.

    “Farmer profitability rises meaningfully, pushed by an broaden in yield and quality of safe. This enables Absolute to alternate globally at wholesome margins. With science and info pushed decision making at its coronary heart, we factor in Absolute will possible be a worldwide main player within the ag-tech enlighten,” he said.

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