Agritech startup AgroStar, a farm advisory and input platform, on Thursday said it has acquired INI Farms Pvt Ltd to expand business and is targeting to grow its revenue to more than Rs 1,000 crore in the next fiscal year.
Mumbai-based INI Farms Pvt Ltd is one of the leading exporters of fruits and vegetables like bananas and pomegranates. It markets products under ‘Kimaye’ brand.
INI Farms, which was founded in 2009 by Pankaj and Purnima Khandelwal, handles over 50,000 tonnes of fruits, annually.
“We have acquired INI Farms through a combination of cash and stock,” said Shardul Sheth, co-founder and CEO of AgroStar.
The company did not disclose the value of the deal.
Through this acquisition, AgroStar will help farmers in marketing their products in domestic market as well as overseas.
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This acquisition provides a scaled presence to AgroStar in the USD 300 billion agri output market.
“Kimaye is now a well known global consumer brand out of India, synonymous with great quality and safety. This acquisition will enable us to rapidly scale our business into the domestic and international food supply chains,” he said.
Asked about the impact on revenue after this acquisition, Sheth said, the combined turnover will be more than Rs 1,000 crore in the next fiscal, a three-fold jump from the AgroStar’s revenue in the current fiscal.
Pankaj Khandelwal, Chairman and Managing Director, INI Farms said, “The agriculture story in India is poised for a multi-fold growth. We believe that large platforms providing end-to-end services to the farmers from advisory and inputs to output offtake is going to drive this transformation.”
With AgroStar serving farmers across a diverse range of crops, he said that the INI Farms will have access to a much wider and diverse crop base to offer to its global customers.
Founded in 2013, AgroStar’s omni-channel platform provides end-to-end solutions for farmers helping them grow better, reduce their cost of cultivation and increase their yield.
Using its proprietary agronomy knowledge, data, and technology, AgroStar suggests the right solutions to farmers across the crop lifecycle.
It serves millions of farmers across five Indian states — Gujarat, Maharashtra, Rajasthan, Madhya Pradesh and Uttar Pradesh.
