British International Investment (BII), the UK's development finance organization and impact investor, has contributed $10 million to the agritech business Grow Indigo.
The money raised will help Grow Indigo's sustainability initiatives spread more quickly throughout India.
Grow Indigo encourages environmentally friendly practices including direct-seeded rice and no-tillage farming, which benefit women farmers in particular by improving soil health and reducing erosion, conserving biodiversity, increasing water efficiency, and reducing manual labor.
According to the company, it has already enlisted more than 2.5 million acres of smallholder farms in seven states.
Grow Indigo also collaborates with fashion and food brands to lower supply chain emissions and promote sustainable sourcing.
With more than 2000 distribution partners and a 600-foot-on-ground workforce, it operates in 16 states and provides products from seed treatment to harvest.
Recently, Mumbai Angels and Campus Fund participated in a pre-Series A funding round headed by Homegrown Ventures, which raised Rs. 7.2 crore for the vertically integrated cold-pressed oil business Gramiyaa.
The Bengaluru-based business had previously raised $1.14 million from Homegrown Ventures and other investors in a seed round.
According to a press statement from Gramiyaa, the money will be utilized to increase production capacity to 4 lakh liters per month, improve sourcing skills, optimize manufacturing procedures, and fortify distribution channels, including its D2C platform.
