Pune-based, agri-biotech startup, BioPrime Agrisolutions (BioPrime), has raised a Pre-Series A round of Rs 9 crore, led by technology-oriented venture capital fund, Inflexor Ventures. The company’s current investor, Omnivore, also took part in the investment round. Since November 2020, Inflexor has made investments from its Fund II in 10 startups, including Atomberg, GramCover, and Kale Logistics.
The company intends to use the money for SNIPR Biologicals registrations, development of the discovery platform, expansion, and the creation of a strong IP portfolio.
Drs. Renuka Karandikar, Amit Shinde, and Shekhar Bhosle founded BioPrime, which creates reasonably priced agricultural biologicals that use tiny biomolecules to modify the fundamental physiological responses in plants. With these items, crops can better resist insects and other pests as well as abiotic stressors including high temperatures, an abundance of moisture, droughts, and other environmental threats. These products are cheaper than chemical-based fertilisers and pesticides, have no chemical residues, are organic, and are not chemically based. This lowers the overall cost of farm inputs, claimed by the startup.
Speaking on the funding, Renuka, CEO of BioPrime Agrisolutions, said, “Bioprime works to transform the way we grow crops making food more nutritious, and residue-free while restoring soil health using cutting-edge technologies and approaches, always keeping sustainability at our core. At Bioprime we are focusing on discovering fundamental aspects of plant communication, developing novel biologicals based on trait-modifying microbes and physiology-modulating molecules.”
Highlighting the funding, Pratip Mazumdar, Partner at Inflexor Ventures, said, “We believe that the stellar founding team of BioPrime is well equipped to solve the complex food security problem brought to the forefront by climate change. The IP-led, high-throughput biomolecule discovery platform will facilitate faster market access. This technology platform fits well with Inflexor’s investing thesis of backing impactful, pure science companies from the Indian deep-tech ecosystem.”
Speaking on the development, Jinesh Shah, Partner at Omnivore Partners said, “BioPrime is our first investment under the OmniX Bio initiative, which backs early-stage agrifood life science start-ups. We started OmniX Bio with the knowledge that innovations in agrifood life sciences can be the most effective weapon to combat climate change. BioPrime is an excellent example of an invention designed to improve human and planetary health alongside farmer incomes and we are delighted to back them.”
RuralMarketing.in is now on Telegram. Click here to join Rural Marketing on Telegram and stay updated with the latest news and updates on rural business and economy.