As part of its pre-Series D round, the agritech startup Cropin has raised $14 million from Google and Singapore-based Impact Assets.
As per the regulatory filing with the Registrar of Companies, Cropin passed a special resolution to issue 95,590 pre-series D CCPS at Rs 11,862.68 per share to raise Rs 113.4 crore ($14 million). Chiratae Ventures and JSR Active Innovation Fund, two existing investors, also participated.
“We will be going to the market in the next 3-4 months,” Co-founder and CEO Krishna Kumar confirmed.
According to the CEO, the startup funded by the Bill & Melinda Gates Foundation will increase hiring and operations at its new subsidiaries in the US and Singapore. Cropin established a subsidiary in the Netherlands last year to take its agri-tech solutions across the European Union.
According to Tracxn estimations, Cropin was most recently valued at $67.5 million. It raised $20 million in Series C funding in January of last year with the help of ABC World Asia and previous backers Chiratae Ventures and Ankur Capital. Beenext, CDC Group, and Kris Gopalakrishnan’s family office are other investors. The CEO added that Cropin planned to go public in 4-5 years.
Cropin, a company founded in 2010, offers agribusinesses cloud software-based solutions to help them use data to maximise production. The startup claims to have digitised 16 million acres of farmland across 92 countries and has collaborated with over 250 enterprise clients.
The company, which competes with companies like Intello Labs, Ninjacart, and Gramophone, had revenue of around Rs 40 crore and annual bookings of about Rs 145 crore at the end of FY 2022. According to the company, net revenue retention, which shows how the contribution from current deals has improved, increased by 120% in FY 2022.