Grow Indigo, a joint venture between Indigo Ag and Mahyco, raises $8 million to expand its carbon farming platform for smallholder farmers in India. The funding will support the company's mission of promoting sustainable agriculture practices.
Mumbai, Jan 28 (PTI) Sustainable agriculture company Grow Indigo on Sunday said it has raised over USD 8 million (around Rs 67 crore) in a funding round with a cumulative capital raise of more than USD 23 million (around Rs 191 crore) to date.
The round saw interest from investors globally including participation from Indigo Ag, Mahyco and individuals and the fund raised will be utilised for driving the future of sustainable agriculture, the company said in a statement.
Grow India is a joint venture between Indigo Ag and Mahyco that was formed in 2018.
The company operates a carbon farming platform for smallholder farmers in India that includes four carbon programs across 13 states and cumulatively aims to reduce or remove emissions by 20 MT of CO2 annually from agriculture.
About 8,00,000 acres have already been enrolled in the company's programs.
"With sustainability at its core, we have now demonstrated adoption of biological inputs and carbon solutions at scale by farmers," Grow Indigo Executive Chairman Usha Barwale Zehr added.
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