[Funding Alert] Agritech Startup Deep Rooted Secures $12 Mn Series A led by IvyCap

Deep Rooted Co

Agritech startup Deep Rooted has secured $12.5 million in its Series A round led by IvyCap. Existing investors Accel, Omnivore and Mayfield also participated in the funding round. 

Deep Rooted plans to use the funds to expand its operations in southern India, strengthen its technology pipeline and hire talent from its marketing, technology and sales teams over the next 12 months.

Founded in 2018 by Avinash BR, Gururaj Rao, Arvind Murali and Santhosh Narasipura, Deep Rooted sources fresh produce from farmers as well as greenhouses and provides it to customers based in urban cities. It claims to offer more than 200 varieties of fruits and vegetables and also has a presence in Bengaluru, Hyderabad and Chennai.

Avinash BR, Co-founder of Deep Rooted, said, “Fruit and vegetables as a category are ripe for disruption. With its sharp focus on fruits and vegetables, Deep Rooted has already demonstrated a sustainable and profitable view of the opportunity while delivering value to both farmers and end consumers. We are excited to be a part of their growth journey.”

He added, “We are excited to partner with IvyCap as we expand across South India, working directly with farmers and bringing the freshest fruits and vegetables to urban consumers.”

Avinash has previously worked with Aavishkaar and Bosch, while Gururaj has previously worked with Myntra, Callidus Cloud and Info Edge. The other two founders – Arvind and Santhosh have experience in leadership roles in business development in the Gulf and working in a family business.

Deep Rooted said that with the help of its greenhouse network, the startup has the ability to deliver fresh produce using fewer resources compared to conventional farms. In the agritech space, it competes with Ninjacart, Vegrow and WayCool, among others.

Meanwhile, some of the recent fundraising activities seen in the agriculture sector include Vegrow raising $25 million, Harvesting bagging $5 million, Poshn securing $28 million+ and Akshayakalpa raising $15 million.

According to a report, India’s agritech startups have cumulatively secured $1 billion in funding between 2014 and 2021. Last year, agritech startups raised around $684 million through 47 funding activities.

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