Intello Labs, based out of Gurugram recently raised $5.9 million in Series A funding round which was led by Saama Capital. The other investors who participated in the round include Singapore based Agri-Tech fund GROW, US-based SVG Ventures THRIVE and existing investors Omnivore and Nexus Venture Partners. In the seed funding, the startup managed to raise $2 million from Omnivore and Nexus Venture Partners.
The startup was founded in 2016 by Milan Sharma, Nishant Mishra, Himani Shah and Devendra Chandani. They already have a strong client base including Reliance Fresh, Dole and Ocean Spray and leading e-grocery chains in China and Southeast Asia. The company serves fresh produce growers, packers, aggregators, exporters, processors, food service and retailers.
The company has a strong hold in Indian Market and is also exploring international markets like China, Southeast Asia and the USA. This funding will help them to expand their reach in the international markets more specifically the USA and Asia Pacific. Intello Labs caters to bringing transparency and standardization to quality assessment of $500 billion worth annually wasted fruits and vegetables. They also work to reduce value risk and food waste.
The current Covid-19 situation has boosted the company’s business with increased demand. Intello Lab aims to become a quality platform across Fruits and Vegetables sector for trading, procurement, grading, pricing, traceability and marketing. The investors have firm belief on company’s technology and demand of the same in market.