Startup Agrostar acquires INI Farms; eyes combined turnover of over Rs 1,000 cr in next fiscal

Mumbai-based INI Farms is one of the leading exporters of fruits and vegetables, and markets products under ‘Kimaye’ brand. INI Farms, which was founded in 2009 by Pankaj and Purnima Khandelwal, handles over 50,000 tonnes of fruits, annually.

“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.

Through this acquisition, AgroStar will help farmers in marketing their products in the domestic market as well as overseas.

“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.

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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.”

Founded in 2013, AgroStar’s omnichannel platform provides end-to-end solutions for farmers helping them grow better, reduce their cost of cultivation and increase their yield. It serves farmers across five Indian states — Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, and Uttar Pradesh.