SpiceTech start-up Growcoms secures$1mn investment
20 July 2022, New Delhi: Kochi based agritech start-up Growcoms, supported by Kerala Startup Mission and incubated in Indigram Labs foundation, has bagged $1 million investment in Pre-Series A round fund raising, led by Info Edge.
The company intends to use this funding to scale up the tech platform and enhance the market reach. Besides, the firm plans to facilitate cross-border trade and further strengthen traceability and transparency of the spices value chain.
Founded in 2021 by George Kurian Kannanthanam, Bibin Mathews and Narendranath P., the vision of Growcoms is to improve efficiencies across the complex nodes in the highly fragmented spices value chain. Having worked in companies like ITC, Tata Coffee, AB Mauri and Synthite, the founders are familiar with the gaps prevalent in the overall value chain and Growcoms aims at providing a technology-based solution for some of the prominent issues in the spices B2B domain.
George Kurian Kannanthanam, Growcoms, Founder and CEO, said the company focuses on creating awareness among farmers about enhancing the quality of produce and thus getting the right value for their produce.
Growcoms is striving to become a one-stop-shop of Indian spices and its value-added products, thereby popularizing them globally by leveraging technology. The firm also facilitates services in agronomy, productdevelopment, and market linkages.
Info Edge is an Indian pure play internet company and one of the most prominent VCs in the country. Chinmaya Sharma, Partner at Info Edge Ventures quoted, “We believe theGrowcoms founding team is uniquely positioned to address the requirements of domestic as well as international spice and oleoresin buyers. We are excited to partner with the team as they solve fragmentation in the spice supply chain through aggregation of spare capacity, improve market linkages for the unorganized market and introduce product traceability for international trade. Their experience in the space and understanding ofthe stakeholder requirements is unparalleled.”
Indigram Labs Foundation (ILF), who was also a seed investor in the previous round, is a Technology Business Incubator prominent in the Agri-segment. KSUM is the nodal agency of the Kerala Government for entrepreneurship development and incubation activities in the state.
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