Agri-tech VC firm Omnivore raises Rs 1,230 cr in 1st close of third fund
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Agri-tech focused venture capital firm Omnivore on Wednesday announced the first close of its third fund at $150 million (over Rs 1,230 crore).
Launched in 2022, the Omnivore Agritech and Climate Sustainability Fund will continue to focus on startups developing breakthrough technologies for agriculture, food, climate, and the rural economy.
With the third fund, Omnivore expects to make 25-30 new investments in Seed and Series A rounds of agritech startups and MSMEs, with initial cheque sizes ranging between $1 million and $5 million.
“The greatest risk and opportunity for Indian agriculture are the adverse effects of climate change. Our new fund will have a sharper focus on catalyzing climate action in agriculture by funding startups addressing climate mitigation and climate adaptation,” said Mark Kahn, Managing Partner at Omnivore.
First close investors include KfW, the Self Reliant India (SRI) Fund, FMO, SIFEM and the International Finance Corporation (IFC), with support from the Bill & Melinda Gates Foundation Inclusive Agritech Facility, Louis Dreyfus Company Ventures, the Dutch Good Growth Fund (DGGF), the Belgian Investment Company for Developing Countries (BIO), and Yara Growth Ventures.
Founded in 2011 by Kahn and Jinesh Shah, Omnivore has backed over 40 startups which are making farming more profitable, resilient, sustainable, and climate-proof.
It raised $82 million for its second fund, which had a final close in April 2019. Some of Omnivore’s portfolio companies include DeHaat, Arya, Stellapps, Reshamandi, Ecozen, Aquaconnect, and Pixxel.
Over the past year, Omnivore has exited two agritech startups, delivering strong returns to its investors.
In July 2022, Omnivore sold its stake in aquaculture IoT startup Eruvaka to Nutreco, a global leader in animal nutrition and aquaculture, realizing the largest exit in Indian agritech to date.
Later, in March 2023, Omnivore sold its stake in precision sprayer manufacturer MITRA to farm machinery giant Mahindra.
“We are grateful to our investors who share Omnivore’s vision of making India an agritech superpower which positively impacts the lives of smallholder farmers globally,” said Jinesh Shah,Managing Partner at Omnivore.
