Spice-tech startup Growcoms secures $1 million funding
Summary
Kochi-based agritech startup Growcoms, supported by Kerala Startup Mission (KSUM) and incubated at Indigram Labs Foundation, has bagged $1 million investment in a pre-Series A round led by Info Edge.The company intends to scale up its tech platform and market reach, facilitate cross-border trade, and strengthen traceability and transparency in the spices value chainFounded in 2021 by George Kurian Kannanthanam, Bibin Mathews and Narendranath P, Growcoms seeks to improve efficiencies across the fragmented spices value chain. Having worked in companies such as ITC, Tata Coffee, AB Mauri and Synthite, the founders are familiar with the gaps in the value chain and seek to plug them through technology-based solutions.Kannanthanam, Growcoms CEO, said the company creates awareness among farmers about enhancing the quality of produce to secure the right price for it.It aims to become a one-stop-shop for Indian spices and their value-added products, and popularise them globally by leveraging technology. The firm also facilitates services in agronomy, product development, and market linkages.Info Edge is an Indian pure play internet company and a prominent venture capital firm.Indigram Labs Foundation, which was a seed investor in the previous round too, is a technology business incubator predominantly in the agri segment. KSUM is the nodal agency of the Kerala Government for entrepreneurship development and incubation activities.