Agritech startup Agrostar raises $6.7 Mn from Accel India and its existing backers

AgroStar’s board approved the issuance of 1,45,385 compulsory convertible non-cumulative preference shares (CCPS) at an issue price of Rs 3,965 per share.

Pune based agritech startup AgroStar announced that company has raised $6.7 million from its existing backers, with Accel India leading the round. The round also saw participation by Aavishkaar India, Bertelsmann, Evolvence India, Chiratae Ventures and Hero Enterprises.

As per the regulatory filing, AgroStar’s board approved the issuance of 1,45,385 compulsory convertible non-cumulative preference shares (CCPS) at an issue price of Rs 3,965 per share. In a separate filing, the company also disclosed that it issued an additional 21,940 CCPS to Bertelsmann Nederland B.V. at the same issue price, raising Rs 8.6 Crore

Founded in 2013 by Sitanshu Sheth and Shardul Sheth, AgroStar leverages data and technology to solve farmers’ problems of access to good-quality agri-inputs by bridging the knowledge gap.

The company currently operates in about 11 Indian states, including Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, and Uttar Pradesh. As per its website, AgroStar’s digital farmer network and agri-input platform serve over 9 million farmers.

In 2021, AgroStar raised $70 Mn in Series D funding from Evolvence, global asset manager Schroders Capital, Hero Enterprise, and the United Kingdom’s development finance institution, CDC.