GIC is currently engaged in discussions regarding an investment in the Indian startup Vegrow, known for its business-to-business marketplace for fruits, according to two individuals familiar with the matter.
Reportedly, the Singapore sovereign fund is considering leading a Series C funding round worth $40 million for Vegrow. However, it’s important to note that these discussions have not been finalized, and the terms are subject to potential changes. Presently, the valuation of the Indian startup, before the injection of funds, is approximately $250 million, as indicated by one of the sources.
Vegrow, which secured its Series B funding round from Prosus Ventures last year at an approximate valuation of $170 million, concentrates on bridging the gap between fruit supply and demand by aggregating various distribution channels. Their eponymous platform operates across more than 100 cities, uniting wholesalers, semi-wholesalers, and participants from both modern and traditional trade segments on the demand side. As of a year ago, Vegrow had established partnerships with over 20,000 farmers.
Among Vegrow’s supporters are Lightspeed, Elevation, Better Capital, and Ankur. Requests for comments from GIC and Vegrow remain unanswered.
