Growcoms Raises USD 3.5 Million for Spice Tech

Bengaluru, Nov 2 (PTI) Spice tech company Growcoms said on Thursday it has raised USD 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. It is expected to grow to USD 27 billion by 2027, according to the statement.

Growcoms currently caters to a variety of customers spanning food companies, flavor houses, FMCG companies and seasoning brands, it added.