_Startup Eekifoods raises pre-series A funding

Hydroponic grower in India focusses on growing native crops

Gurugram-based agritech startup Eekifoods on Monday announced it has raised pre-Series A funding from GSF Accelerator. Other investors in this round include Naho Shigeta, founder, and chief executive officer, Infobridge Holdings; Shalin Sanjay Shah, director, Core91 VC; and a Gulf-based Syndicate. Existing Eekifoods investors; Sumit Jain, country head, BirdEye; and Dipesh Palodalso participated in the round. The startup said the funds will primarily be used for further technology development, scaling operations, and team building.

“Eekifoods is borne out of two years of research and development of a unique technology, which focuses on inculcating agricultural techniques that are both sustainable and economically viable. Today, we are able to grow tomatoes, bottle gourd, eggplant, cucumber, and other vegetables and sell them profitably at near-market prices. We are excited to have the backing of renowned investors like GSF Accelerator at such an early stage, and this funding is a strong validation of our mission at Eekifoods to build the most sustainable agriculture platform in the world,” said Abhay Singh, co-founder, Eekifoods.

Founded in 2019, Eekifoods has developed a proprietary vegetable growing technology, which allows it to produce completely residue-free, Indian, and exotic vegetables and sell them profitably at near-market prices. This has been possible because its technology has reduced the cost of growing by as much as 40 percent for a variety of Indian fruit-bearing vegetables, as compared to other coco-peat-based hydroponics technologies.

The startup was founded by Amit Kumar and Abhay Singh, graduates from IIT Bombay. “Eekifoods has the most advanced Hydroponics technology developed indigenously by Indian talent. Companies like Eeki are important to the future of Indian agriculture. Eeki provides a leapfrog opportunity to Indian agriculture and its modernization,” added Rajesh Sawhney, founder and chief executive officer, GSF Accelerator.

Unlike several other hydroponic growers focusing on producing exotic vegetables, Eekifoods also grows popular Indian vegetables like coriander, tomato, eggplant, cucumber, and bitter gourd, the company said.

Read the complete article at www.entrepeneur.com.

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