Egreens, an agri-business founded by Mayank Chaurasia, announced an INR 150 million fund for early-stage agritech startups in India. The company 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 in farming practices, and the implementation of IoT (Internet of Things) across the supply chain.
The investment philosophy of this company 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. Backed by over five decades of experience in creating category-defining products in the FMCG sector by its parent company, Egreens plans to extend this focus to food distribution and retail.
Egreens investing in its in-house food retail brand VegEase
The new fund announcement comes close to the heels of an investment of INR 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. With this, VegEase has re-introduced the aspect of choice in-home delivery of fresh fruits and vegetables.
Since its inception in Jan 2021, VegEase has achieved a turnover of INR 7 million, a customer base of over 15,000 in the Delhi/NCR region, with 5000 customers coming on board in April 2021 alone. The company also achieved a remarkable return rate of 0.25% of unwanted products against the industry average of 2-3%. VegEase will use the fresh infusion of funds to diversify into the B2B space.
Speaking on the investment, Mayank Chaurasia, Founder & CEO, Egreens, said, “The agricultural supply chain in India is very fragmented, with last-mile delivery being almost missing. Therefore, it offers a tremendous opportunity to identify and invest in the right start-up that is trying to solve this problem. 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, added, “The think tank at Egreens is absolutely clear that nothing gives assured returns other than enhanced and value-added consumer experiences. Investment is a very sensitive tool. Market trends, natural causes, occasional factors all are as volatile and unpredictable as they can be. It is the consumer experience that provides the stability and the semblance that governs the tide like clockwork. For Egreens, investment-driven on consumer insights is a process of keeping growth on the track effectively and surely”.