Eeki Foods, an agritech startup, has raised Series A funding of $6.5 million led by General Catalyst (GC). Other key investors participating in this round include Avaana Capital; Better Capital; Irving Fain, CEO & Founder of Bowery Farming (a GC portfolio company with $2.3B in valuation); Subbu Palaniappan, Director & Head of Amazon Prime India; Srinivas Narayanan, former VP Engg at Facebook; Akhil Gupta, and Amit Kumar Agarwal, Co-founders of NoBroker.com.
“The fresh funds will be used to scale Eeki to hundreds of acres. This coming year, we will focus on building the team, technology and organizational scale to make this growth a reality. We are actively looking to establish partnerships with corporates, HNIs, and other retail farmers in Rajasthan, Delhi-NCR, and Maharashtra to build such farms across the country”, said Abhay Singh, CEO and Co-Founder of Eeki Foods and Amit Kumar, COO and Co-Founder of Eeki Foods.
Eeki Foods technology enables the farm's climate to be controlled, allowing vegetables to be grown all year without being affected by seasonal variations. Their patent-pending IoT control mechanism deployed on farms, makes operations more robust, cost-effective, and less reliant on manual labour. Eeki farms provide 300% more yield on any land barren or unused at 50% of the growing cost, using 80% less water.
"Eeki's innovative, India-centric growing system as well as its unique business model are making a meaningful difference in the lives and livelihoods of farming partners and consumers," said Anand Chandrasekaran, Partner at General Catalyst. He added, "Amit and Abhay are building an important company with Responsible Innovation at the core. We at GC are thrilled to invest in Eeki as part of the fund’s focus in India as they execute on their mission to empower farmers and to bring fresh vegetables to the masses."
"We, at Avaana, are delighted to be early believers and support Eeki's vision to create climate-resilient agricultural systems. Eeki's patent-pending technology revolutionizes controlled environment agriculture, producing high-quality staple vegetables at affordable prices. We are proud to participate in the team's journey as investors, and are excited about Eeki building the future of farming," said Anjali Bansal of Avaana Capital.