Spice tech firm Growcoms has just secured $3.5 million in a new funding round, with co-leadership from JSW Ventures and Arali Ventures, and the continued support of existing investor InfoEdge Ventures.
Growcoms had previously secured a $1 million investment from InfoEdge Ventures. It’s worth noting that this marks the first foray into the Agritech sector for both JSW Ventures and Arali Ventures.
According to a press release from Growcoms, the company intends to utilize the newly acquired funds to strengthen its product portfolio and enhance its technology infrastructure. These efforts aim to develop essential capabilities for facilitating traceability in exports and adding value to the spice industry.
Established in 2020 by George Kurian Kannanthanam, Narendranath P, and Bibin Mathews, Growcoms is dedicated to enhancing the spice value chain. Their goal is to optimize production capabilities, empower farmers, and deliver traceable spices to global markets using a digital approach.
Growcoms reports that over the past two years, it has significantly expanded its operational footprint. The company now maintains sourcing hubs in all major spice-producing regions, collaborates with verified suppliers to enhance the transformation of spices into value-added products, and meets the demands of global markets.
At present, the company serves a diverse customer base, including food companies, flavor houses, FMCG (Fast-Moving Consumer Goods) enterprises, and seasoning brands.
Indigram Labs provided incubation to Growcoms in 2021.