GROWiT, an agritech company based in Surat, has raised $3 million in its Series A funding round. The investment was led by GVFL, with support from other investors like Veloce Opportunities Fund, JITO, We Founder Circle, Sunicon Ventures Fund, Progrowth Ventures, and Hyderabad Angels.
GROWiT will use the money raised to grow its reach in the market, improve its research and development, and upgrade its technology systems.
With this new funding, GROWiT plans to grow its presence in India and start selling more products in other countries, especially in Africa and other developing regions. The company will also keep working on new, eco-friendly farming solutions that are affordable and easy to use for small farmers.
Mihir Joshi, Managing Director, GVFL, said, “Agriculture in India still lags in terms of technological advancements. GrowiT has a large innovation product portfolio and a pan-India distribution channel. They are helping farmers grow more and earn better by focusing on solving these key problems at an affordable cost and easy accessibility. They are making climate-friendly, sustainable farming methods more affordable and effective. As a fund, this is a key focus area for us, and we see GROWiT as a strong player emerging in this segment.”
GROWiT was started in 2020 and provides helpful tools for farmers from planting to harvest. Its products include a device to test soil health, mulch films, crop covers, and weed mats. These tools help farmers grow more crops while spending less on farming supplies.
GROWiT is currently active in 12 states across India and works with over 650 franchise partners. The company says it has connected with more than 2.25 lakh farmers so far.
GROWiT plans to use the new funding to expand its reach within India and grow its exports to Africa and other international markets.
The company also wants to develop new tools that help farmers deal with changing weather and limited resources, making farming more effective and sustainable.
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