Farm-to-retail startup Wingreens Farms in talks to raise $10M in a funding

Gurugram-based Farm-to-retail startup Wingreens Farms is reportedly in talks to raise $10 million or Rs 818 crore in a bridge round of funding which is being led by existing backers Investcorp and Peak XV Partners (formerly Sequoia Capital India).

According to a Moneycontrol report, The startup is raising funds at an unchanged valuation of around $205 million.

In addition to existing backers, Wingreens is also engaging with a few family offices to raise funds to meet its working capital requirements.

Founded by Anju Srivastava and Arjun Srivastava, While the founders did not comment on the company's performance, Wingreens closed FY22 with a revenue of around Rs 200-210 crore, which doubled from Rs 101 crore in FY21 data on Tracxn, a private markets information provider, showed.

However, during the same period, The company’s losses increased from Rs 12 crore to Rs 54 crore.

The company faces competition from giants like Hindustan Unilever Limited, who have recently introduced Hellmann’s mayonnaise in India.

Also Read:

• Reliance Industries partners with Brookfield Infrastructure, Digital Realty