Agritech startup EekiFoods on Friday said it has raised USD 2 million (about Rs 15 crore) from investors, including Avaana Capital, to expand its business and upgrade technology. The company was founded in December 2018 by IIT Bombay Alumni Abhay Singh and Amit Kumar.
It grows high-quality, residue-free Indian staple vegetables through its patent-pending Plant Growth System. The funding round was led by Avaana Capital with participation from Better Capital and Icebreaker VC. Other key investors include Kunal Shah, founder CRED; Ramakant Sharma, founder Livspace; Abhishek Kejriwal, founder Kutumb; and, Harsh Shah, Fynd founder, O2 Angels Network and Gopinath K, Eeki IoT head.
Existing investor Spectrum Impact also participated in this round. The company will use the funds to expand its geographical presence, further technology development, increase the SKUs and onboard top talent. EekiFoods had earlier raised funding from GSF Accelerator and some individual investors. Plant Growth System technology has been developed over 3 years, and innovation lies in creating the ideal zoenvironment for roots of the plants, the company said.
“The vegetables are residue-free, of consistent shape, size and colour, nutritionally fortified and available throughout the year from a local farm,” it added. EekiFoods said that its technology saves 80 per cent water, and the yield is at least 300 per cent more than conventional farming. It is partnering with corporates, HNIs, investors and local businesses to set up farms in Kota, Jaipur, on the outskirts of Mumbai-Pune, NCR and other cities.
This partnership helps bring in the capital to set up futuristic Eeki-farms on any underutilised barren or fertile land. The farm is completely managed and operated by Eeki, the statement said. “It becomes an asset-backed investment where leveraging Eeki’s technology and operations, partners make regular returns for 10-15 years while saving the climate,” it added. Anjali Bansal of Avaana Capital said the Eeki team has proven their ability to build climate-resilient food systems in a highly resource-efficient manner while providing commercial gains to partner farmers.
“The company’s advanced proprietary technology enables them to produce and sell high-quality daily vegetables at affordable costs, and we are confident about the team’s ability to scale from here to create a large business,” said Bansal.