Spice Tech firm Growcoms raises $3.5 mn in funding

Growcoms funding: Growcoms, a spice tech company based in Kochi, has successfully secured $3.5 million in funding. The investment comes from JSW Ventures, Arali Ventures, and InfoEdge Ventures, an existing investor.

The freshly acquired funds will predominantly support the expansion of the product portfolio and technology infrastructure, with a focus on enhancing traceability for spice exports and value-added spice products, as highlighted in the company's official statement.

Notably, this marks JSW Ventures and Arali Ventures' first foray into agritech investments. India, as the world's largest spice producer, accounts for nearly a third of global spice trade, underscoring the industry's significance.

India currently maintains a 70 per cent share of global spice production, with a projected compound annual growth rate (CAGR) of 10 per cent. It is expected to reach a market value of $27 billion by 2027, according to the company's statement.

Growcoms serves a diverse clientele, including food companies, flavour houses, FMCG companies, and seasoning brands. 

(With PTI inputs)