Growcoms, a spice tech firm, has recently obtained a significant $3.5 million in a new funding round. This round was led jointly by JSW Ventures and Arali Ventures, with the ongoing support of existing investor InfoEdge Ventures.
It is worth emphasizing that Growcoms had previously managed to secure $1 million from InfoEdge Ventures, which highlights the company's growth and potential in the industry. Additionally, this marks the first venture into agritech investments for both JSW Ventures and Arali Ventures, showcasing their trust in Growcoms' mission and vision.
According to a statement from Growcoms, the recently obtained capital will have a significant impact on enhancing their product range and technological capabilities. The company is dedicated to developing important features that will enable traceability for spice exports and value-added offerings.
Growcoms, founded in 2020 by George Kurian Kannanthanam, Narendranath P, and Bibin Mathews, aims to bring about a revolutionary change in the spice value chain. Their approach involves enhancing production capacities, empowering farmers, and providing traceable spices to global markets via digital platforms.
In the past few years, Growcoms has achieved significant advancements in broadening its scope and operations. The company has successfully established sourcing centres in prominent spice-producing regions and has diligently identified dependable suppliers to transform raw materials into high-quality spices. These efforts have positioned them favourably to cater to the increasing demands from global markets.
Currently, Growcoms serves a wide range of clients, such as food companies, flavour houses, FMCG enterprises, and seasoning brands. Their steadfast dedication to ensuring top-notch quality and traceability has established them as a highly esteemed ally in the spice industry.
Furthermore, it is important to acknowledge and appreciate that Growcoms has received incubation support from Indigram Labs in 2021, which highlights its commitment to innovation and progress in the agritech industry. The recent funding injection and strategic partnerships further confirm Growcom's journey towards establishing a significant presence in the global spice market.
Image credits: Zee Business
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