Mumbai-based agritech startup Grow Indigo has raised $6 million in a new funding round, taking its total raise to over $13 million. The startup has raised funding from investors, including Indigo AG, Mahyco and several high-net-worth individuals.
Founded in 2018 by Kirthee Thakkar and Rajendra Badrinarayan, The startup said it focuses on providing nature-based solutions to address climate challenges faced in agriculture and ensures that farmers/stakeholders have a connection with both input and output markets to maximise their access and incomes.
“Grow Indigo has conceptualized the concept of farming carbon as a crop for smallholder farmers in India. When implemented on 120 million acres of cropland in India, a 1% increase in soil carbon would remove 7+ gigaton carbon dioxide equivalent from the atmosphere,” the startup said.
The startup also said carbon as a new crop could become the fifth largest Agri commodity in India and is expected to generate $7 billion annually in additional income for smallholder farmers by 2030.
Grow Indigo expects to enrol over 3.5 million acres in the next two years. It claims to have invested significantly to build a large library of useful microbes, enabling farmers to reduce their chemical inputs and increase their ability to generate carbon credits. Its proprietary microbial consortium already covers four million acres, it claims.
Notably, the Mumbai-based startup has a team of 200 agronomists, data scientists, engineers, technicians, members of the sales team, and researchers committed to solving the climate crisis through agricultural interventions.
Source @Indianstartupnews
