Growcoms raises $3.5 million

Hyderabad: Spice tech company Growcoms said on Thursday it has raised $3.5 million from JSW Ventures, Arali Ventures and existing investor InfoEdge Ventures.

The raised funds will be primarily used for bolstering the product portfolio and technology stack to build key capabilities in enabling traceability for exports and value-added spices, the Kochi-based company said in a statement.

The investment is the first one in the agritech space for JSW Ventures and Arali Ventures. India is the world’s largest producer of spices and accounts for almost a third of all global trade, it was noted. India holds a 70 per cent share in global spice production, with the industry pegged to grow at a 10 per cent CAGR.