Artificial intelligence-focused agricultural technology startup Intello Labs has raised Rs 23.24 crore or $2.82 million in a Series B round led by Saama Capital. Existing Investors Avaana Capital, Omnivore, Nexus Ventures, and AgFunder also participated in the round. This is the first funding round for the Gurugram-based company in 2022.
The board at Intello Labs has passed a special resolution to issue 1,961 compulsory convertible preference shares (CCPS) at an issue price of Rs 118,509 per share to raise Rs 23.24 crore or $2.82 million, as per regulatory filing with the Registrar of Companies (RoC).
The objective of the fundraise is to meet immediate working capital and long-term funding requirements for the business, the company added in the filings.
Saama Capital has spearheaded the Series B round with Rs 7.74 crore whereas Avaana Capital, Omnivore (via Omnivore Partners India Fund 2), Nexus Ventures, and Tokyo-based AgFunder poured in Rs 3.88 crore each.
As per Fintrackr’s estimates, the company has been valued at around Rs 630 crore or $77 million (post-money). The company has raised nearly $16 million to date including a $5 million round in September 2021.
Founded in 2016, Intello Labs offers complete automation in the supply chain management of fresh fruits, vegetables, spices, and nuts and deploys image recognition based tools for the quality assessment of fruits and vegetables. It also makes automated weighing and packing machines for fresh produce.
Following the allotment of Series B, Saama Capital holds 15.83% stake in the company while Omnivore, Nexus Ventures, Avaana Capital, and AgFunder hold 18.99%, 18.02%, 7.88%, and 1.49% shares respectively. Promoters of Intello Labs – Milan Sharma, Nishant Mishra, and Himani Shah Modi diluted their shareholding to 17.7% collectively.
Intello Labs is yet to disclose its financials for FY22.
Source @Entrackr
