AgroStar, a farm advisory and input platform, announced on Thursday that it has acquired INI Farms Pvt Ltd to expand its operations. In the coming fiscal year, the firm wants to increase its income to more than Rs 1,000 crore.
INI Farms, based in Mumbai, is a significant exporter of fruits and vegetables, and its products are sold under the ‘Kimaye’ brand. Pankaj and Purnima Khandelwal launched INI Farms in 2009, and the company now handles over 50,000 tonnes of fruit per year.
“We have acquired INI Farms through a combination of cash and stock,” said Shardul Sheth, co-founder and chief executive officer (CEO) of AgroStar. The company did not disclose the value of the deal.
AgroStar will assist farmers in promoting their products both domestically and internationally as a result of this acquisition.
“Kimaye is now a well-known global consumer brand out of India, synonymous with great quality and safety. This acquisition will enable us to rapidly scale our business into the domestic and international food supply chains,” Shardul said.
Asked about the impact on revenue after this acquisition, Sheth said, the combined turnover will be more than Rs 1,000 crore in the next fiscal, a three-fold jump from AgroStar’s revenue in the current fiscal.
Pankaj Khandelwal, chairman, and managing director of INI Farms said, “The agriculture story in India is poised for a multi-fold growth. We believe that large platforms providing end-to-end services to the farmers from advisory and inputs to output offtake is going to drive this transformation.”
AgroStar’s omnichannel platform, which was launched in 2013, offers farmers end-to-end solutions to help them grow better, lower their cultivation costs, and enhance their yield. It supports farmers in Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, and Uttar Pradesh, among other Indian states.
