On July 11, the company said in a statement that Matrix Partners-backed business-to-business (B2B) agritech company Vegrow had raised $25 million as part of a Series B funding round led by Prosus Ventures.

The company said that existing investors Matrix Partners India, Elevation Capital, Lightspeed India, Ankur Capital and Angel investor Sanjiv Rangrass also participated in the round.

Vegrow will use the funds to install more demand centres and expand to more cities.

The company’s co-founder Shobhit Jain also said the company is raising capital at a post-money valuation of $170 million to $180 million.

Founded in 2020, Vegrow provides a B2B technology platform for fruit, connecting wholesalers and traders with farmers. The company claims to operate in 100 cities currently and says it has more than 20,000 farmers on its platform.

Vegrow said it digitally connects farmers in 400 growing regions in India, helping them meet market expectations and increase product yields. Vegrow claims to process more than 200 tons of fruit per day.

Vegrow has grown 15x over the past 12 months, with gross margins of about 20%. Vegrow said it had built the ability to use farmer chatter, estimate field yields and measure demand in tier 1, 2 and 3 markets.