Dealflow | July 12, 2022

Ankur Capital backs impact tech ventures Vegrow and String Bio

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, July 12 — Mumbai-based impact fund Ankur Capital seeks out early and even unproven businesses that are using technology to drive down the cost of delivery of high-impact products at scale.

Ankur has invested in the $25 million Series B round of Bangalore-based Vegrow, a B2B marketplace that connects over 20,000 fresh produce farmers with customers in 100 cities in India. Vegrow’s platform predicts demand and pricing across markets to help farmers increase yield and reduce waste.

India’s $60 billion fruit market, “being historically unorganized, fragmented and inefficient, is poised for tech-led disruption,” said Ashutosh Sharma of Prosus Ventures, which invested alongside Ankur and Elevation Capital.

Vegrow’s Praneeth Kumar said the company adds value for consumers and producers. “On the farmers’ side, we ensure a better realization through the right matchmaking, fair and transparent business practices and value chain innovations.”

Climate tech

Ankur Capital is also backing String Bio’s $20 million Series B round. The Bengaluru-based company’s fermentation technology converts methane, a potent greenhouse gas, into animal feed, protein and other sustainable products. Ankur Capital’s Ritu Verma said the investment will help String Bio “bring their products to market with like-minded partners across the globe and drive the climate impact they envision.”