Agritech start-up Growcoms raises funding from JSW Ventures and Arali Ventures to enhance its B2B spice marketplace, driving efficiency and global presence
In a significant development in agritech, Growcoms, the pioneering B2B marketplace for spices, announced on Thursday that it has successfully secured $3.5 million in funding. The investment comes from venture capital heavyweights JSW Ventures and Arali Ventures, with participation from existing investor InfoEdge Ventures.
This landmark deal marks the first foray into agritech investments for JSW and Arali Ventures. Growcoms, operating as a comprehensive managed B2B commerce platform for spices, is poised to transform the spice industry with its innovative approach.
The platform connects buyers and sellers in the spice market and offers a suite of additional features. These include quality inspection, product development, and, most notably, traceability, crucial for enabling exports of high-value spices. Beyond spices, Growcoms extends its offerings to powders, oils, oleoresins, and seasonings.
George Kurian, co-founder and CEO of Growcoms, expressed the company's mission, saying, "Growcoms has a clear mission to improve the spice value chain by optimising production capacities, empowering farmers, and supplying traceable spices to global markets through a digital route. The investment and partnership with like-minded investors will help Growcoms strengthen its global presence and enhance efficiencies throughout the value chain."
The spice export industry in India has witnessed remarkable growth over the past nine years, with the value reaching Rs 3,995 crore in the fiscal year 2022–23, up from Rs 1,778 crore in 2013–14, according to data from the Commerce Ministry. India's spices reach over 165 countries, cementing the nation's status as the world's leading spice producer.
India's prowess in spice production is further underscored by figures from the Spice Board of India, a statutory body under the Ministry of Commerce. It reveals that India produced 15.31 lakh tonnes of spices in 2021–22 and 2022–23.
Growcoms notes that India currently commands a remarkable 70% share in global spice production, and the industry is expected to maintain a robust growth trajectory with a projected CAGR of 10%, reaching $27 billion by 2027.
The injection of funds is set to accelerate Growcom's mission to modernise the spice industry, providing greater transparency and efficiency from farm to market, ultimately benefiting farmers, traders, and consumers alike.