Monday, July 15, 2024

Series A Boost: Two Brothers Organic Farms Raises Rs 58.25 Crore

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Two Brothers Organic Farms, a direct-to-consumer (D2C) organic grocery brand, has raised Rs 58.25 crore in a Series A funding round led by Rainmatter, an initiative by Zerodha, one of India’s leading stock broking firms. Rainmatter contributed Rs 50 crore, with the remainder from Silicon Valley entrepreneur Raju Chekuri.

Investment Background

Previously, the startup raised Rs 14.5 crore in a pre-Series A funding round in April 2023, with investments from notable figures like Bollywood actor Akshay Kumar and cricketer Virender Sehwag. Co-founders Satyajit and Ajinkya Hange expressed gratitude towards investors who share their vision for expanding organic food business both domestically and internationally.

Utilization of Funds

The newly raised capital will bolster Two Brothers Organic Farms’ growth initiatives across India and the United States. Key objectives include exploring new market opportunities and expanding their supply chain operations to strengthen market presence and promote organic food adoption.

Two Brothers Organic Farms Brand Logo Cap
Two Brothers Organic Farms brand logo cap.

Impact on Farmers

The founders emphasized their commitment to supporting Indian farmers in adopting sustainable farming practices. They view this funding round as pivotal in providing patient capital essential for sustainable growth and development in the agricultural sector.

Support from Investors

Nithin Kamath, founder and CEO of Zerodha, highlighted Rainmatter Health’s focus on promoting health-conscious initiatives and supporting startups like Two Brothers Organic Farms. He emphasized their dual role as investors and customers, contributing valuable feedback to enhance product offerings and market strategies.

Agritech Revenue and Growth Targets

Looking ahead, agritech startup to achieve a revenue milestone of Rs 500 crore within the next four years. The startup also plans to scale its impact by supporting over 50,000 farmers across India in adopting organic and sustainable farming methods.

Satyajit Hange and Ajinkya Hange, Cofounders of Two Brothers Organic Farms.
Satyajit Hange and Ajinkya Hange, Cofounders

Who is the owner of Two Brothers Organic Farms?

Founded in 2019 by brothers Satyajit and Ajinkya Hange, Two Brothers Organic Farms has shown impressive growth, with a 70% year-on-year increase over the past four years. The brand serves approximately three lakh customers, with a strong online presence contributing the majority of its sales revenue.

Market Presence and Operations

Operating primarily through its website and online marketplaces, Agritech startup collaborates with over 4,800 farmers across 17 states in India, focusing on regions like Maharashtra, Karnataka, and Gujarat, encompassing nearly 5,000 acres of farmland.

The successful Series A funding round positions Two Brothers Organic Farms for accelerated growth and expanded reach in the organic grocery market. With strong investor backing and a robust business model, the startup is poised to further its mission of promoting organic farming and delivering quality products to consumers globally.

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