Interesting funding alert- An agri-biotech startup announced the funding of INR 4.3 crore
A new sector of agriculture coming up is called agri-biotech. An interesting and innovative one!
Let us talk about the agri-biotech sector. First of all, we should know what an agri-biotech sector is. It can be defined ad the collection of scientific techniques which are used to improve plants, animals, and microorganisms. This sector is based on the understanding of DNA and is done with the motive to increase the productivity of agriculture.
The process of this study starts with the ability to identify genes that may prove to be an advantage to some crops. Then the ability to work with such features and characteristics very precisely and accurately in turn increases the ability of the breeder to make improvements and bring a change in the crops and livestock.
Looking back in the history, we come to know that the first product of Agri-biotech came into the market in the 1990s. Then since 1995 farmers have been growing GE crops. Then in the year 2003 around 7 million farmers across 18 countries had focused on growing and planting biotech crops. almost one-third of the biotech crops of the world has been growing in developing countries.
Some of the examples of the products of agri-biotech are-
Genetically modified crops
Developing of Biofuels
Improving plant growth
Improving plant seed quality
Improving animal health and breeding
Learn more at fruit growers supply
Let us now talk about the funding of an agri-biotech startup that has taken place recently.
Announcement of funding of agri-biotech startup
The agri-biotech startup, GreenPod Labs has raised funds worth INR 4.3 crore, as announced on February 20, 2022. This round of funding that has taken place and we are talking about is a pre-seed round of funding and was led by the Indian angel network and Rockstart.
The startup plans to use the funds raised in strengthening its Research and Development Foundation. The startup also has the plans to utilise a portion of the funds raised in scaling up its product portfolio. The startup also will be using some amount of the funds raised in the expansion of the domain of Research and Development and even the operations team. The startup also has the aim to launch biotech-sachet products for three crops this year and is looking forward to work on the development of four more biotech products this year.
About the agri-biotech startup that has announced its funding
The agri-biotech startup, GreenPod Labs was founded in the year 2019 by Deepak Rajmohan and Vijay Anand and has its headquarters in Panaji, Goa. The startup is inclined towards the Sustainable Development Goals of the United Nations of halving the food waste by the year 2030. The startup is working towards making this a reality. The startup recognizes the problem that the economic loss of food waste costs India USD 12 billion.
Our country though being the 2nd largest producer of fruits and vegetables, is in a bad shape. The 40% of the produce is lost before it reaches the customers. So, in order to help solve this problem, the startup uses natural plant extracts to activate the inbuilt defense mechanism which slows down the ripening rate and minimizes microbial growth, thus extending the shelf life of fruits and vegetables. The startup offers its services in packaging which increases the shelf-life of fruits and vegetables.
Some of the features of the startup are-
Growth Mindset
Sustainability
First Principles Thinking
Customer-Centered
Innovation with Agility
Integrity with Transparency
The startup provides nature-inspired solutions to minimize food waste. The fruits and vegetables of the startup live longer and stay healthy as the startup activates its defense mechanism. The startup is supported by the Forum for Innovation Incubation Research and Entrepreneurship (FiiRE) Goa. FiiRE was launched in the year 2018 at Don Bosco School of Engineering.
About Indian Angel Network
Founded in the year 2006 by Saurabh Srivastava, Padmaja Ruparel, and Raman Roy, and has its headquarters in New Delhi, India, the Indian Angel Network is a group of primarily Indian Angel investors who are engaged in providing funding to early-stage startups. The Indian Angel Network is spread in India, the United States, the United Kingdom, and Israel. The investment fund has more than 450 members belonging to around 11 countries. The aim of the Indian Angel Network is to work together in order to bring a change by sourcing, cross-refering, and promoting linkages in startups that are enabled by technology in India and Bangladesh with the aim to create an enabling environment for venture investing in both ecosystems.
The startup is offering a unique and an innovative service. It is doing something himble for the betterment of the world. It is trying its best to bring a change in this world. We wish the startup a stroke of good luck and hope it has a long journey and a bright and amazing future ahead full of colors and success!
Edited and published by Ashlyn Joy
