Tue. Jun 25th, 2024

Telangana-based agritech startup Nu Genes has secured over ₹42 crores ($6 million) from Sathguru Catalyzer Advisors’ Innovation in Food and Agriculture (IFA) Fund, as reported by Inc42.

The fresh capital will be used to expand presence and take product offerings to the international market.

Nu Genes, formerly known as Nitya Seed Sciences, was founded by PN Reddy in 2004. Focused on satisfying the needs of the farmer, the startup produces seeds that are well suited for farmers across different regions in the country. Currently, the agritech startup’s research is focused on crops like pearl millet, maize, sorghum and paddy in field crops and tomato, chilli, okra, bitter gourd, bottle gourd and watermelon in vegetable crops.

PN Reddy, Founder and Managing Director of Nu Genes, said, “We have chosen the investment from IFA Fund due to deep insights our investors bring in propelling our growth,”

He further added, “The investment will help us foray into international markets with crop traits that are uniquely suited in a tropical agriculture environment.”

Talking about the investment, Krishna Kumar, Chairman of Sathguru Catalysers, said, “We would like to address the future needs of farmers in adapting to climate change and provide seed traits that can be adopted in dry land and humid tropical farms with potential to provide nutrition to the needy communities.”

According to reports, this is Sathguru’s second investment this month. Earlier in the month, it invested $6 million in another agritech startup Ecozen Solutions.

Other agritech startups competing with Nu Genes in the space include NinjaCart, Crofarm, FarmLink, among many others.

Earlier in December, NinjaCart secured an undisclosed amount of funding from Walmart, Flipkart.

In September, Smart Farms bagged an undisclosed amount of funds from a clutch of angel investors.

By Varun

Startups | Books | Ideas

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