Several early investors and employees who sold their stocks realised nearly 70X returns on their investment
In the recently concluded Series C funding, agritech startup CropIn has raised $20 million of primary capital, taking the overall investment into the company to $33 million. This was followed by a secondary sale of $4.3 million and was open to the company’s employees and investors holding stocks. Several early investors and employees who sold their stocks realised nearly 70X returns on their investment.
In the first of its kind move in the agtech space, this is huge value creation for the employees and depicts the healthy growth that the company has been witnessing. A Secondary Sale or ESOP buyback ensures that employees receive benefits for the impact that they are creating with their work and contributes significantly to the growth of the company.
Vishal Kuchanur, one of the early employees at CropIn and one of the beneficiaries of the Secondary Sale, shared his perspective on working with CropIn, “My experience at CropIn as a technologist has been truly enriching and gratifying. Being in a then-unknown sector of Agritech and pioneering the space, CropIn is transforming organisations’ perception of digital technology in the Ag space. I wanted to work in an organisation which had a real impact in the lives of people and CropIn allowed me to ideate, experiment, and grow while building products that streamline agri value chains globally.”
CropIn was established with the vision of improving farmer livelihoods by harnessing the power of AI and Machine Learning through predictive analytics and modelling into agriculture. CropIn is determined to progressively achieve its goal of building a path for the employees’ overall growth and pursue opportunities to create wealth for the employees through the company’s stocks.
“It is both humbling and satisfying to enable tremendous return on investment and value for our early employees and investors who believed in us. Nearly 60 per cent of our employees hold stock options in the company. As a growing company we will be looking for other opportunities to expand our stock programs to provide this as an additional benefit for our employees and enable them to participate more actively in the growth journey of the organisation,” said Krishna Kumar, Founder and CEO, CropIn.
So far, CropIn has digitised over 16 million acres of farmland and enriched the lives of nearly seven million farmers, across 52+ countries covering 400 crops and over 10,000 crop varieties.
