Clover announced today that it has raised INR 7 crore in venture debt from Alteria Capital. This is on top of the INR 39 crore (USD 5.5 million) Series A round, announced in February 2020, that was raised from Accel, Omnivore, and Mayfield.
Clover is a greenhouse agritech platform, which partners with farmers across India and markets premium quality, branded, greenhouse-grown fresh produce through B2B and B2C channels.
Clover’s business model centers around demand-led cultivation, a managed farm network, and full stack agronomy. Demand-led cultivation means that Clover grows high quality, consistent, and traceable fresh produce for specific and predictable client demands. The managed farm network of greenhouses are based in peri-urban and rural areas surrounding urban consumption zones, thereby ensuring freshness and reducing spoilage. Clover provides a full stack agronomy solution to the greenhouse farmers in the network, improving yields and standardizing output quality.
Based in Bangalore, Clover was co-founded by Avinash BR, Gururaj Rao, Arvind Murali, and Santhosh Narasipura. Avinash previously worked as a venture investor with Aavishkaar and earlier spent almost a decade at Bosch across engineering and corporate strategy roles. Gururaj previously worked in general management and analytics roles for Myntra, CallidusCloud, and Info Edge. Arvind was earlier based in the Gulf in various sales management roles while Santhosh worked in his family’s manufacturing business.
According to Avinash, Co-Founder of Clover, “Alteria has been tracking our progress since the early days and we are excited to have them onboard. The recently closed Series A round alongside Alteria’s current investment will help us achieve our vision to reshape the supply chain for greenhouse-grown fresh produce.”
Commenting on the transaction, Vinod Murali, Managing Partner of Alteria Capital, said “We are excited to partner with Avinash and the team at Clover in their journey to reimagine the supply chain for fresh produce. Agritech is a segment which continues to see tailwinds despite COVID-related issues and Clover provides high quality produce consistently, which is at an even higher premium currently.”
Clover is a greenhouse agritech platform, which partners with farmers across India and markets premium quality, branded, greenhouse-grown fresh produce through B2B and B2C channels. For further information on Clover, please visit: https://www.clover.ag/
Alteria Capital is India’s leading venture debt fund focused on innovative startups backed by strong VC sponsors. The fund has a corpus of Rs. 962 Cr with a strong mix of domestic institutional investors as well as family offices and founders. Alteria provides venture debt to high growth, innovative Indian startups with a cheque size range of Rs. 2 Cr – Rs. 100 Cr. Alteria’s current portfolio of 25+ companies includes Rebel Foods, Lendingkart Zestmoney, Portea, Toppr Technologies Ltd, Spinny, Stanza Living, Raw Pressery, Vogo, Dunzo, Vinculum, Mfine, Loadshare, LBB, Maverix, Generico, Country Delight and Universal Sportsbiz Pvt Ltd (Wrogn, Imara & Ms. Taken brands).