The artificial intelligence-focused agricultural technology startup Intello Labs raised 37.3 billion in a round led by Avaana Capital Fintrackrs Estimates.
The existing financiers Saama Capital as well as Nexus Ventures and Omnivore Partners also took part in the round.
Avaana Capital invested Rs 18.62 billion, while Omnivore Partners, Saama Capital and Nexus Ventures each invested Rs 6.2 billion in the round. The company has also allocated 7,706 A3 series preferred shares and 15 shares at Rs 47,447 per share, according to regulatory filings.
As per Fintrackrs According to calculations, the promoters’ stakes in the company were diluted from 21.74% to 18.44% after the new financing round.
Omnivore Partners is the largest shareholder in Intello Labs with 19.15%, followed by Nexus Ventures with 18.13%. Saama Capital and Avaana have 15.21% and 7.58% of the shares, respectively. The co-founders Milan Sharma and Nishant Mishra each own a stake of 8.4%, while the third co-founder, Himani Shah, only holds 1.37% of the shares after this round.
According to the regulatory documents, the company has also passed a special resolution in its memorandum of association, stating that it will do business of trade, assembly, reassembly, packaging, purchase, leasing, rental of all kinds of hardware, machines for packaging and sorting different goods through the use of AI, in India and abroad.
In May last year, the company raised $ 5.9 million in its Saama Capital-led Series A funding round.
Business model and competitors
Intello Labs was founded in 2016 and offers image recognition-based tools for the quality assessment of fruits and vegetables. It also manufactures an automatic weighing and packing machine for fresh products.
It is very similar to the offerings of the agritech startup AgNext, which offers AI-based solutions to enable trading at every intersection of buy and sell in the agricultural and food value chains. AgNext has developed proprietary hardware, algorithms and software to analyze raw material quality in multiple areas such as spices, tea, grains, oilseeds, milk, feed and others.
A quick look at agritech startups
Last month, TartanSense, a provider of AI-powered robotic solutions that helps smallholders behaved $ 5 million in its Series A round. AgNext also raised just over $ 21 million, led by Falcon Edge’s Alpha Wave Incubation. Trickypedia would have exclusively reported on the round. It was too selected from Google for its fifth batch of the startup accelerator program in India.
Around 30 startups in the agritech sector raised funding in 2020 and the trend continues in the current calendar year, in which DeHaat, Vegrow, Waycool and Ninjacart have already started their new rounds.
According to a current media report, DeHaat is in talks with Raising $ 100 million in possibly one of the largest financing rounds for an agritech startup in India. These are very good numbers considering how controlled India’s agricultural sector is and how long it takes each agricultural startup due to the nature of the sector.