AgroStar Secures $30 Million Funding for Agritech Expansion
Agritech startup AgroStar has successfully raised $30 million in a funding round spearheaded by climate-focused investor Just Climate. The round saw the participation of existing investors, including Accel, Aavishkaar Capital, Bertelsmann, Evolvence India, Chiratae Ventures, and Hero Enterprises.
Although the Pune-based company has not revealed further specifics beyond the amount raised and the involved investors, Startup Superb has reviewed regulatory filings to uncover insights about its valuation, round breakdown, and complete shareholder structure. AgroStar initiated this fundraising effort in April 2025 by issuing 126,636 Series E CCPS and 63,046 equity shares, priced at Rs 3,965.34 each, resulting in an initial capital influx of $8.5 million.
Recently, an additional resolution was passed for the issuance of 6,01,784 Series E5 CCPS at Rs 3,161.85 per share, designed to raise Rs 190.27 crore ($21.6 million). Accordingly, the total capital to be raised in this round totals Rs 265.47 crore (approximately $30 million).
Just Climate led this funding round by investing Rs 190 crore ($21.6 million), followed by Aavishkaar Capital and Accel India, which contributed Rs 25 crore ($2.84 million) and Rs 13 crore, respectively. Other returning investors, including Bertelsmann India Investments, Evolvence India, Chiratae Ventures, and Hero Enterprises, contributed to the remainder of the capital influx.
According to Startup Superb’s analysis, AgroStar’s post-money valuation remains stable at Rs 2,190 crore (around $250 million), consistent with its valuation when it commenced its Series E funding in May 2022. Reports from a startup data intelligence platform reveal that the Accel-backed company has raised nearly $150 million overall, including $70 million in its Series D round from Evolvence, Schroders Capital, and Hero Enterprise in December 2021.
Following the current funding allocation, Schroders Capital emerges as the largest shareholder with a 14.75% stake, followed by Chiratae Ventures at 12.01% and Accel at 10.36%. New investor Just Climate will hold an 8.63% share, while co-founders Sitanshu Sheth and Shardul Sheth together maintain around 7.8%.
Founded in 2013 by Sitanshu Sheth and Shardul Sheth, AgroStar runs a hybrid online-offline marketplace tailored for farmers. The platform provides farm advisory services, agricultural inputs, and technical support through its digital channels and a network of retail touchpoints.
For the fiscal year concluding in March 2024, AgroStar recorded an 18% year-on-year increase in operating revenue, amounting to Rs 747 crore, while its losses remained constant at Rs 327 crore during the same timeframe. The company has yet to disclose its figures for FY25.
The agritech sector has attracted approximately $389 million in recent years, with multiple startups experiencing shutdowns or staff layoffs, highlighting the pressing need for a new green revolution amidst significant survival challenges in the industry. For more details, refer to Startup Superb’s report: “Agritech startups account for only 2% of venture funding since 2020.”
However, recent developments have started to rejuvenate the sector, with funding rounds being raised by companies like AgroStar, Eeki, and BigHaat. Consolidation is also in progress, with Unnati Agri and Gramophone set to merge in a share-swap arrangement. The newly formed entity is reportedly negotiating to secure a more substantial funding round.
