Growcoms Raises US$3.5 Million Led by JSW and Arali Ventures in New Funding Round
to Bolster Its Full Stack B2B Commerce Model in Spices
Mumbai, Growcoms, a pioneering spice tech company, raised US$ 3.5 million from JSW Ventures & Arali Ventures. Existing investor InfoEdge Ventures also participated in the fundraise. The funds raised by the Company will be primarily used for bolstering product portfolio and technology stack to build key capabilities in enabling traceability for exports and value-added spices. The investment is the first one in the Agritech space for both JSW Ventures & Arali Ventures.
India is the world’s largest producer of spices and accounts for almost a third of all global trade. India holds a 70% share in global spice production, with the industry pegged to grow at a 10% CAGR. It is expected to grow to $27 billionby 2027.
George Kurian, Co-Founder & Chief Executive Officer, Growcoms, said,“Growcoms has a clear missionto improve the spices value chain by optimizing production capacities, empowering farmers, andsupplying traceable spices to global markets through a digital route. The investment and partnershipwith like-minded investors will surely help Growcoms strengthen its global presence and enhanceefficiencies throughout the value chain.”
Commenting on its investment in Growcoms, SachinTagra, Managing Partner at JSW Ventures, said, “Growcoms’ full stack approach to manage the entire spices value chain with a tech led intervention can create value for all stakeholders. This organization of the industry will also directly lead to an increase in realizations at the farmer level. This investment will further enhance Growcomscapability to capitalize on the spice’s opportunity with traceability solutions at the forefront of this business.”
Rajiv Raghunandan, Managing Partner, Arali Ventures said,“The Growcoms full stack business model is digitizing the spices value chain capitalizing on some market tailwinds & internal capabilities – Significant excess processing capacity across the country, the need for providing full traceability & transparency to food safe markets such as EU & the US to be a credible export player and the experience of the team in adding value to the supply side of the business across farmers & processors. Our investment is consistent with Arali’s focus on creating deep business value in traditional industries leveraging technology.”
Growcomshas significantly expanded the scale and scope of its operations during the last two years.Today, they have sourcing hubs across all the major spices producing regions, vetted suppliers for carrying out transformation into value added spices as well as demand from markets across the globe. They currently cater to a variety of customers spanning food companies, flavor houses, FMCG companies and seasoning brands. The Company was incubated by Indigram Labs in 2021.
About Growcoms: Founded in 2021 by George Kurian, Bibin Mathews and Narendranath P in Kochi (India), Growcoms is a full stack managed B2B commerce model for the spices vertical enabling supply side integrations and leverage existing excess manufacturing capacity to drive complete control on quality inspection, product development and traceability for enabling exports. Apart from sourcing and trading whole spices, they are also present across other transformative segments like powders, oils & oleoresins as well as seasonings. For further information, please visit ourwebsite or follow us on LinkedIn.
