Agrify Fresh is Upaya’s tenth agritech investment

Bangalore, INDIA – August 3, 2023

Upaya Social Ventures, which provides investment and support to early-stage enterprises creating dignified jobs for people in extreme poverty, announced its investment in Agrify Fresh, a Mumbai-based agritech startup with established market linkages to small and marginal farmers across four Indian states.

Agrify Fresh is committed to transforming the quality, availability, and trustability of Indian produce worldwide by enhancing ground-level infrastructure, modernizing farming practices through precision farming techniques, and promoting high-quality produce. They also sell produce directly to large retailers under their own brand names and support seed and fertilizer procurement.

Agrify Fresh’s network currently includes about 6,000 farmers, who have reported an 18 percent average increase in their incomes, thanks to the market linkages provided by Agrify Fresh through their information platform, Agrify Pragati.

“Agrify Fresh is a fast-growing agritech company, but their mission goes beyond profitability — they want to improve farmer incomes and livelihoods through a more organized and transparent marketplace,” said AB Chakravarthy, Upaya’s India Country Director. “We are delighted to support them as they continue growing their network of farmers and deepening their impact on these important communities.”

Agrify Fresh was founded by Darpan Bendre, Urvish Bhaide, and Siddhesh Desai, engineers who met while studying at NMIMS Mumbai and share a passion for farming.

“Our mission is to bring a delta shift to India's agricultural ecosystem, which requires changing mindsets and uplifting farmers,” said Bendre. “With partners like Upaya, who share our belief in driving societal impact, we are working to transform the industry that sustains 58% of our population. Upaya is committed to supporting us in addressing challenges like job creation and farmer upliftment for long-term impact.”

“In Upaya, I see a fund that genuinely cares about this industry and has the intention to see maximum positive changes on the ground level,” said Bhaide.

Agrify Fresh is the tenth agriculture/agritech company in Upaya’s portfolio, and its 36th investment overall. Upaya’s investment is part of a round to support the expansion of the company’s footprint across India and build out their tech solution for traceability. Agrify Fresh also plans to offer subsidy-based credit schemes for participating farmers.

“We want to see inclusive growth as India’s agriculture sector shifts to more sustainable and tech-forward farming practices, which is why we’re so delighted to welcome Agrify Fresh to our portfolio,” said Upaya CEO Kate Cochran. “Their innovative model prioritizes the livelihoods of those responsible for bringing fresh food to tables and grocery shelves across India: the farmers themselves.”

ABOUT UPAYA SOCIAL VENTURES

Upaya Social Ventures is building a dignified economy by providing investment and support to early-stage businesses creating sustainable livelihoods for people living in the most extreme poverty.

Upaya’s award-winning impact-first model seeks out and supports oft-overlooked companies creating work that is safe, stable, inclusive, and rewarding—generating a transformative impact on families, communities, and economies.

Since its founding in 2011, Upaya’s portfolio companies have created over 30,000 dignified jobs across India. Please visit upayasv.org for more information.

MEDIA CONTACTS

Meg Massey
mmassey@upayasv.org