Agritech startup Grow Indigo has secured over $6 million in a new round from Indigo AG, Mahyco and several high net worth individuals. With this, the company has raised $13 million in total funding.
The company plans to deploy the proceeds to scale-up carbon farming in India, Grow Indigo said in a press release.
Founded in 2018 by Kirthee Thakkar and Rajendra Badrinarayan, Grow Indigo focuses on providing nature-based solutions to address climate challenges faced in agriculture and ensures that farmers have a connection with both input and output markets to maximize their access and incomes.
The Mumbai-based startup has conceptualized the concept of farming carbon as a crop for small holder farmers in India. It made an alternative source of sustainable income for the farmers, through the sale of carbon credits generated by them by adopting regenerative practices. The company has made sizable investment to build a large library of useful microbes, which enables farmers to reduce their chemical inputs and increase their ability to generate carbon credits.
Grow Indigo aims to enroll over 3.5 million acres of lands in the next two years. It claims that its proprietary microbial consortia cover 4 million acres and have network and digital platform connection of over 100,000 retailers and FPOs and more than 10 million farmers.