Investments to strengthen value-chain of own food retail brand, VegEase
Egreens announced a Rs 150 million fund for early-stage, agri-tech startups in India. Egreens will focus on startups that use innovative technologies and disruptive business models across the entire value chain of food production, storage and transportation. Among the business ideas that Egreens will look into, the focus will include innovative market linkages, the use of AI and machine learning in farming practices and implementation of IoT (Internet of Things) across the supply chain.
The investment philosophy of Egreens is to create products and experiences that bring to life the connection between nature and society while supporting transparency, authentic farming practices and community-friendly initiatives. Egreens plans to extend this focus to food distribution and retail.
The new fund announcement comes close to the heels of investment of Rs 150 million in VegEase, the in-house food retail brand of Egreens. VegEase is re-imagining the delivery of fruits and vegetables with its cart-at-home model. VegEase has re-introduced the aspect of choice in-home delivery of fresh fruits and vegetables. VegEase will use the fresh infusion of funds to diversify into the B2B space.
Speaking on the investment, Mayank Chaurasia, Founder & CEO, Egreens, said, “We are looking at exciting startups that will eventually create forward and backward integration with VegEase. While VegEase is present in the B2C segment, we want to increase our footing in the B2B, B2B2C segments in diverse markets.”
Arpit Katta, CFO, Egreens said, “For Egreens, investment-driven on consumer insights is a process of keeping growth on the track effectively and surely.”
