SBICAP Ventures-Backed Neev II Fund Invests In Nutrifresh According to an official statement, this is Neev II Fund's fifth investment
By Teena Jose
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SBICAP Ventures-backed climate and sustainability-focused SME fund, Neev II Fund, invested in agritech firm, Nutrifresh Farm Tech. According to an official statement, this is Neev II Fund's fifth investment.
"Our investment in Nutrifresh is a testament to our unwavering mission of spearheading India's green transition and promoting climate adaptation through efficiently managed agri-supply chains. We believe in the potential of hydroponic farming to revolutionise food production and address key challenges. Through our investment, we aim to pave the way for a sustainable and resilient agricultural sector, driving positive environmental and social impact," said Akshay Panth, CIO, Neev Funds.
The fundraise is part of the SIDBI's Funds of Funds Scheme for startups, the company said. The scheme was approved by the central government in 2016, with a corpus of Rs 10,000 crore to be managed by SIDBI.
SBICAP Ventures Ltd. is an alternative asset manager based in India, belonging to the State Bank of India Group and manages funds across private equity, real estate, and fund of funds Mandates, whereas, Neev I Fund and Neev II Fund are private equity funds managed by SBICAP Ventures.
Nutrifresh is on a mission to transform agriculture with its hydroponically grown, residue and chemical-free offerings. Currently, the fund has a clientele of 50+ B2B aggregators, besides trade outlets, and delivery partners across cities. Nutrifresh is set to scale to a remarkable 100+ acres within the next 12 months, the statement added.
"This collaboration will serve as a powerful enabler, propelling our growth and amplifying our reach to diverse customers and markets. The need for sustainable local-for-local food production for fresh, nutrient-rich foods has never been greater after the disruptions in supply chain. The visionary investment will give us the resources needed to secure our expansion as a pioneer in hydroponic agriculture in India by investing in growth, key hires, enhancing our foothold, and technology portfolio and ultimately deliver our solution across the country," said Sanket Mehta and Ganesh Nikam, founders, Nutrifresh, in a joint statement.
