GIC is in talks to put money into the Indian startup Vegrow, which runs a business-to-business market for fruits, two sources aware of the matter mentioned.
The Singapore sovereign fund is evaluating main a $40 million Collection C funding spherical in Vegrow, the sources mentioned. The talks, which haven’t finalized and so the phrases may nonetheless change, at the moment worth the Indian startup at a pre-money valuation of about $250 million, one of many sources mentioned.
Vegrow, which raised its Collection B funding spherical from Prosus Ventures at a valuation of about $170 million final yr, focuses on bridging the hole between demand and provide for fruits by aggregating a various vary of channels. The eponymous platform, which operates throughout over 100 cities, brings collectively wholesalers, semi-wholesalers, in addition to gamers from fashionable and common trades on the demand facet. Vegrow was working with over 20,000 farmers as of a yr in the past.
Vegrow additionally counts Lightspeed, Elevation, Higher Capital and Ankur amongst its backers. GIC and Vegrow didn’t reply to a request for remark.
