One of India’s leading staples agri-tech commerce platform SuperZop, has raised USD 4 million Series A funding from Incofin’s India Progress Fund. Thanks to the platform, ten thousands of small retailers and restaurants can buy staples directly from farmers and food processors, leading to a more efficient agri-food value chain.
SuperZop, founded by Raghuveer Allada, Prithwi Singh and Darshan Krishnamurthy, has developed the largest stapels agri-commerce platform for B2B customers. The company enables more than 20,000 retailers to directly source staples from farmers, multiple producer organisations and processors from 13 states across India.
“SuperZop combines advanced technology with innovative business process and is using a vertically driven product understanding approach to build farm-tech brands with greater sourcing linkages of the back-end staples supply chain. Our Farm-tech staples brands have also been extremely well received as there is a huge whitespace in branded staples, even in large consumption categories such as rice, wheat, pulses, dry fruits” said Prithwi Singh, Co-Founder of SuperZop.
“It is an incredibly interesting point in time for the Agri-tech landscape in India and we are excited to partner with the team at Incofin, which brings a lot of depth and expertise in Food & Agri. We have built the business in an extremely capital efficient manner and this investment from Incofin will help us scale up in existing and new geographies including Tier-1 cities, invest in technology and further expand the product offering within the category”, said Raghuveer Allada, Co-Founder of SuperZop.
SuperZop’s proprietary technology includes the ordering app, a logistics optimisation engine and other tools , like an application to evaluate the quality of commodities through an image and machine learning.
“We have developed right tools like an AI based quality assessment platform and logistics optimisation engine that works for the B2B staples category. One of the key areas of fund deployment will be to build on data science and enhance systems for greater scale”, said Darshan Krishnamurthy, Co-founder of SuperZop.
Rahul Rai, Partner of Incofin in India announces proudly the first agri-tech investment of the recently launched Incofin India Progress Fund:“We are delighted to partner with the high-performance founders of SuperZop who are making an impact by bringing MSME food processors and Kirana stores more closely integrated, thereby delivering value to both farmers and retail consumers. Incofin looks forward to supporting them as they execute on this unique Agri-Tech opportunity.”
The India-focused fund of Incofin IM makes private equity investments in the Indian agri-food value chain and the financial inclusion sector. Incofin’s current investments in India include Sohan Lal Commodity Management, SAVE Solutions, Faircent, Light Microfinance and Namdev Finvest.