Chiratae Ventures-backed agtech startup Cropin said today it had raised Rs 113 crore ($14 million) in funding from Google and JSR Corporation in a funding round with participation from existing investors.

This comes as the agtech sector sees an influx of money, with investors optimistic about the nascent sector’s growth potential. Post-pandemic demand for high-quality food is backed by macro tailwinds such as climate change and food security concerns.

Earlier in an interview, Krishna Kumar, Founder and CEO of Corpin, had said the company was looking to raise around $500-70 million. He added that two giant tech companies have shown immediate interest and will raise a Series D round by mid-2023. However, Kumar did not disclose further details of the round of financing.

Founded by Kumar in 2010, Cropin is an agtech company developing the Cropin Cloud, an industry cloud for agriculture. The company said that the Cropin Cloud enables stakeholders in the agricultural ecosystem to leverage digitalization and predictive intelligence to make decisions that help improve agricultural efficiency, expand productivity, manage risk and environmental change, and enhance sustainability.

The freshly raised funds will also help expand the Cropin Cloud, which will launch in September 2022, Kumar said. To date, Cropin Cloud’s intelligence platform has powered more than 200 million acres of farmland worldwide with predictive intelligence, according to the company.

Cropin’s revenue more than doubled to Rs 39.1 crore in fiscal 2022 (2021-22) from Rs 18.8 crore in the previous fiscal, according to data available on the Ministry of Corporate Affairs (MCA) website. Kumar added that the company also witnessed a two times revenue growth in FY23.

However, the company posted a loss of Rs 35.2 crore in the last financial year and Rs 43.2 crore in FY22 due to higher employee benefit expenses during the financial year.