Monthly Archives

February 2018

Indian Milk Delivery Disrupter Raises $2.2m Seed Round from Omnivore

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Indian Milk Delivery Disrupter Raises $2.2m Seed Round from Omnivore

India’s latest farm-to-consumer delivery platform, Doodhwala $2.2 million seed round led by India-focused agtech VC Omnivore Partners. The investment is the first from the firm’s second fund, which closed earlier this month. The Bengaluru-based Doodhwala is reconfiguring the logistics and identity of farm-to-fork eating in India.

Through a subscription-based delivery platform, the company makes daily early morning deliveries of perishable products and groceries. Doodhwala is building its own logistics service, overriding India’s established and complex network of middlemen and dealing directly with farmers. Founded in 2016, Doodhwala currently manages about 400,000 monthly deliveries in Bengaluru and Pune.

Doodhwala receives seed investment of $ 2.2 million by Omnivore

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Doodhwala receives seed investment of $ 2.2 million by Omnivore

Doodhwala, a micro delivery service for fresh groceries, said it has received a seed investment of $2.2 million by Omnivore, a venture capitalist firm, for a minority stake in the company.

The new financing will go towards expanding Doodhwala’s service into new markets, funding talent acquisition and upgrading technology, the company said in a release.

It also said Reihem Roy, Principal, Omnivore will join the board.

The “hyperlocal delivery platform”, Doodh ..

Omnivore invests in online milk delivery startup Doodhwala

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Omnivore invests in online milk delivery startup Doodhwala

Bangalore-based Banger Tech Pvt. Ltd, which operates subscription-based milk and daily essentials delivery startup Doodhwala, has raised $2.2 million (Rs 14.27 crore) from impact venture fund Omnivore, two persons directly familiar with the development told TechCircle.

The sum was raised as an extension to the startup’s pre-Series A funding round, which it secured in August last year. At that time, it was reported that Tom Varkey, a partner at US-based hedge fund Stonehill Capital, had invested in the startup.

The startup raised this round at a post-money valuation of roughly between Rs 50 crore and Rs 55 crore ($7.7-8.5 million), which is a little over three-fold rise from its last funding round, the second person mentioned above said.

India-Focused Agtech VC Omnivore Partners Holds First Close on $46m for Second Fund

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India-Focused Agtech VC Omnivore Partners Holds First Close on $46m for Second Fund

Omnivore Partners has announced the first close of its second fund, Omnivore Partners India Fund 2, on $46 million.

Omnivore, which calls itself an “impact venture fund” is solely focused on agtech investments in India, and investors (LPs) in the fund were largely impact-minded funds from Europe, India, and the US, demonstrating the growing link between agriculture and impact investing.

“I think agriculture is becoming a key part of impact investing globally and these investors are very aligned with our long-term goals,” Omnivore founding partner Mark Kahn told AgFunderNews.

LPs invested in the fund include German government-owned development bank KfW, the Small Industries Development Bank of India, the Dutch Good Growth Fund (DGGF), The Rockefeller Foundation, US-based impact-focused family office Ceniarth, Indian commercial bank RBL Bank, and the US-based Sorenson Impact Foundation.

Omnivore Partners raises $46 million

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Omnivore Partners raises $46 million

Omnivore Partners has raised $46 million (300 crore) in the first close of its second fund, Omnivore Partners India Fund 2. Investors in the fund include KfW, SIDBI, the Dutch Good Growth Fund, The Rockefeller Foundation, Ceniarth, RBL Bank and the Sorenson Impact Foundation.

Omnivore targets to raise a total of $75 million in the second fund and hopes to complete the fund raising by August, according to a press release.

Omnivore, founded in 2010 by Mark Kahn and Jinesh Shah, is an impact venture fund that invests in seed and Series A stages in start-ups in food, agriculture and the rural economy sectors.

India-Focused Agtech VC Omnivore Partners Holds First Close on $46m for Second Fund

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India-Focused Agtech VC Omnivore Partners Holds First Close on $46m for Second Fund

Omnivore Partners has announced the first close of its second fund, Omnivore Partners India Fund 2, on $46 million.

Omnivore, which calls itself an “impact venture fund” is solely focused on agtech investments in India, and investors (LPs) in the fund were largely impact-minded funds from Europe, India, and the US, demonstrating the growing link between agriculture and impact investing.

“I think agriculture is becoming a key part of impact investing globally and these investors are very aligned with our long-term goals,” Omnivore founding partner Mark Kahn told AgFunderNews.

LPs invested in the fund include German government-owned development bank KfW, the Small Industries Development Bank of India, the Dutch Good Growth Fund (DGGF), The Rockefeller Foundation, US-based impact-focused family office Ceniarth, Indian commercial bank RBL Bank, and the US-based Sorenson Impact Foundation.

Agritech Focussed VC Firm Omnivore Partners Makes First Close Of Second Fund At $46 Mn

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Agritech Focussed VC Firm Omnivore Partners Makes First Close Of Second Fund At $46 Mn

Agritech focussed venture capital firm Omnivore Partners has announced the first close of its second fund at $46 Mn. As per reports, the amount was raised from a clutch of investors, including SIDBI, RBL Bank, Sorenson Impact Foundation, Dutch Good Growth Fund (DGGF) and The Rockefeller Foundation, among others.

US-based single-family office Ceniarth and German government-run development bank KfW also participated in the round.

According to sources close to the development, the VC firm is aiming to make the final close of the second fund at $75 Mn (INR 500 Cr) by August 2018.

Agritech Focussed VC Firm Omnivore Partners Makes First Close Of Second Fund At $46 Mn

By | News | No Comments

Agritech Focussed VC Firm Omnivore Partners Makes First Close Of Second Fund At $46 Mn

Agritech focussed venture capital firm Omnivore Partners has announced the first close of its second fund at $46 Mn. As per reports, the amount was raised from a clutch of investors, including SIDBI, RBL Bank, Sorenson Impact Foundation, Dutch Good Growth Fund (DGGF) and The Rockefeller Foundation, among others.

US-based single-family office Ceniarth and German government-run development bank KfW also participated in the round.

According to sources close to the development, the VC firm is aiming to make the final close of the second fund at $75 Mn (INR 500 Cr) by August 2018.

Commenting on the development, Omnivore Partners co-founder Jinesh Shah told ET, “We are looking to invest in 18 to 20 startups over a 4 to 4.5-year timeline. We are on the verge of finalising our first two investments from the second fund by the end of March.”

Union Budget 2018 Gives A Big Thrust On Agriculture But Will It Percolate To Agritech Startups?

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Union Budget 2018 Gives A Big Thrust On Agriculture But Will It Percolate To Agritech Startups?

Reiterating the current government’s commitment to the goal of doubling farmers’ income by 2022 or by India’s 75th independence year, the Union Budget 2018 gave a big thrust to agriculture and the related agritech sector.

Finance Minister Arun Jaitley’s fifth and last union budget introduced a major reform that the minimum support price (MSP) for all agriculture produce would be fixed at a level to ensure the farmer a minimum return of one and a half times over the production cost.

The FM stated, “We have placed the emphasis on higher income for farmers. Farm and non-farm employment for farmers’ remain the focus. Agriculture produce is on a record high. The government is working on farmers getting 50% more price than cost price. This will go forth to double farmers’ income by 2022.”