Navork Innovations, a startup incubated at SINE IIT Bombay and ICAR-IARI, Pusa, specializing in quality improvement and shelf-life extension of fresh fruits and vegetables, has successfully secured a seed investment of $200K at a valuation of $3.2 million.
The funding comes from a group of angel investors from Japan, facilitated by Shiru Startup from Nikken Group, Spring Star Capital Group, ICAR-IARI, and others, in a mix of equity and grant.
Angel Investors Back Navork Innovations
Navork’s revolutionary product, “Navgri – Smart Mushroom Protect,” is a patented solution designed to improve the quality and prolong the shelf life of mushrooms. This innovation has received endorsement from scientists at IIT Delhi and ICAR-Directorate of Mushroom Research. CCAMP, SINE IIT Bombay, played a pivotal role as an early investor in the company, backing the research and development of this innovative product within the framework of the agri grand challenge.
“We are proud to have developed ‘Navgri – Smart Mushroom Protect,’ a first-of-its-kind product aimed at improving the quality and shelf life of mushrooms. This innovation is making a significant impact on mushroom farming, particularly in regions where farmers were facing substantial losses due to poor quality and low shelf life,” said Abhishek Sahgal, the founder of Navork and an alumni of IIT Delhi and KTH Sweden.
Although mushrooms are categorized as vegetables, their fungal nature makes them more susceptible to spoilage compared to conventional fruits and vegetables. To combat this issue, “Navgri – Smart Mushroom Protect” tackles challenges such as delaying cap opening, microbial degradation, and browning of mushrooms. This ensures that mushrooms stay fresh from the farm for an extended period.
Abhishek Sahgal emphasized, “Navgri is helping farmers maintain the improved quality of mushrooms for a much longer time, enabling the shipment of fresh mushrooms to places like Nepal and Hyderabad even after 36 hours of harvest. This results in better prices for farmers and builds a stronger brand value for their mushroom farms.”
Affan Karel, Tech Head and Master’s in Nanotechnology, further explained, “The funds raised will be utilized to reach a larger number of mushroom farmers in India and to develop technology addressing other core problems in the industry related to the quality and shelf life of fruits and vegetables.”
In order to address the hurdle of reaching a broad spectrum of farmers, Navork utilizes platforms like WhatsApp and YouTube to establish connections with farmers, fostering a community for shared experiences. The company additionally organizes webinars to tackle and resolve specific issues encountered by mushroom farmers.
Konika, Brand Manager at Navork, stated, “We are committed to using innovative approaches to reach and support mushroom farmers across the country. Our focus is not only on the success of our product but also on building a community that benefits from shared knowledge and experiences.”
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