India-based farming data provider AgroStar has raised $10m in a series B round backed by media firm International Data Group’s local venture capital affiliate, IDG Ventures India, Times of India reported yesterday.
Venture capital firm Accel led the round, which also featured VC firm Aavishkaar. AgroStar had previously raised $3.7m in series A funding from IDG Ventures India and Aavishkaar in August 2015.
Founded in 2013, AgroStar has built a software platform and mobile app that provides farmers with agricultural and farming data from partners such as agribusinesses Monsanto and Dupont, and allows them to quickly order products such as fertilisers or pesticides.
Co-founder Shardul Sheth told TOI the company, which has signed up more than a million users to its platform, plans to now expand across India and hire executives such as a chief technology officer and a head of customer experience and marketing.
Sheth explained: “Smartphone presence has been growing among the farmers. Around 35% of our customer base now has a smartphone. Around [100,000] farmers have been using apps to order. They can see the pictures of the products clearly on the app which further pushes the base for us.”