An Agriculture based startup headquartered in Pune, Earth Food has successfully raised Rs. 6.4 crore in a seed funding round from city-based Rairah Corporation.
First reported by VC circle, the agri-startup deals in growing grows residue-free fruits and vegetables and sells them both online and offline will use the funding to expand its market outreach.
Earth Food founder, Nilesh Palresha said,
We plan to use this funding to strengthen our position in the market and invest in building differentiated offerings for our customers.
Residue-free farming involves the use of organically derived biocides and biofertilizers that aim to protect the crops and augment their growth.
According to the cited sources, the company is also planning to utilize the fresh capital for its long-term strategy that would focus on strengthening its technology back-end. It will very soon introduce milk products and residue-free spices in the dehydrated segment.
Earth Food will become a part of VTP Rairah Foods as apart of the deal that has been sealed with Rairah Corporation. Founded in 2016 by Nilesh Palresha, the company produces its own residue-free fruits and vegetables on 307 acres of land near Pune and presently has 250 retail outlets.
“Considering the innovative offerings of the brand in the Agri space, we see a solid growth potential for Earth Food in the Indian market,” said Siddarth Khinvasara, chairman of Rairah Corporation which has interests in the real estate, food, and investment sectors.
Among other recent deals in the agri-tech space, Eruvaka, an Internet of Things-based agricultural technology startup had also raised funding from Nutreco, a Dutch-based aqua feed, and animal nutrition based firm.