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October 21, 2021 The Economic Times

Veda advises staples Agri-Tech start-up SuperZop on its fund raise from European fund Incofin


NEW DELHI :  Agritech commerce platform SuperZop has raised $4 million in its Series A funding from Incofin’s India Progress Fund, an India-focused fund of Incofin Investment Management (IM).

The company has built the business in an extremely capital-efficient manner from its existing backers SIDBI Venture Capital Ltd, CIIE.CO and Angels, as per an official release.

“This investment will help the firm to scale the business among the existing and new geographies that include Tier-1 cities, invest in technology and further expand their product offering,” Raghuveer Allada, co-founder at SuperZop.

“We have developed the right tools like an AI-based quality assessment platform and logistics optimization 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”, Darshan Krishnamurthy, co-founder at SuperZop.

Founded by Raghuveer Allada, Prithwi Singh and Darshan Krishnamurthy, SuperZop has developed the largest staples agri-commerce platform for B2B customers with seamless digital buying experience. The company enables 20k+ retailers, in Mumbai and Pune, to directly source staples from farmers, multiple FPOs and processors from 13 states across India.

Incofin Investment Management is an international impact investment firm with assets under management (AUM) of USD1.2 billion. The firm promotes financial inclusion for rural entrepreneurs and aspires for synergies across the agri-food value chain.

Rahul Rai, partner, Incofin India, said the company is 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.