Homegrown B2B agritech startup Agrostar today said it has acquired 100% stakes in Mumbai-based INI Farms for an undisclosed amount in a cash and stock deal.
With this acquisition, Agrostar will focus on providing more value to its large network of farmers by making their produce available to consumers around the globe. The deal also provides a scaled presence to AgroStar in the $300 billion+ agri output market in the country, the startup added.
Founded in 2009 by Pankaj Khandelwal and Purnima Khandelwal, Mumbai-based INI Farms is one of the leading exporters of fruits and vegetables and markets products under the ‘Kimaye’ brand. INI Farms says it handles over 50,000 tons of fruits every year.
Through this deal, INI Farms’ global retail customers will get access to a wider basket of fruits and vegetables (F&V). The Mumbai-based startup will also foray into the vegetable segment and would start with the export of onions and vegetables and include more crops in the future.
Founded in 2013 by Sitanshu Sheth and Shardul Sheth, AgroStar leverages data and technology to solve farmers’ problems of access to good quality agri-inputs and bridge knowledge gaps. The startup currently serves farmers across five Indian states — Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, and Uttar Pradesh.
In October 2021, Agrostar had raised $70 million in a Series D round from investors, including Hero Enterprise, CDC Group, Evolvence India Fund, amongst others.
“AgroStar today is India’s largest digital network of farmers, helping them grow better by providing great content, real-time advisory, and superior quality agri Inputs. This acquisition will enable us to rapidly scale our business into the domestic and international food supply chains,” said Sheth.
“Kimaye is now a well-known global consumer brand out of India, synonymous with great quality and safety. This acquisition will enable us to rapidly scale our business into the domestic and international food supply chains,” Shardul said.
INI Farms’s Kimaye brand of products is available in some of the largest retail chains spread across 35 countries in the world, the startup said in a statement.