Quick-delivery services are accelerating at an unprecedented pace in India, with Zepto leading the charge. The company has just completed a significant funding round, raising $340 million and achieving a valuation of $5 billion. This latest development underscores the rapid growth and competitive nature of India’s quick-commerce market. Zepto’s founders, Kaivalya Vohra and Aadit Palicha, have successfully positioned the company as a formidable player in the sector, and this mega-raise is a testament to their vision and execution.
The influx of capital into Zepto highlights a broader trend of substantial investments in foodtech and agritech sectors globally. Finnish company Collo recently secured €5 million to optimize the food and beverage industry, while Adamo Foods in the UK raised £2 million to bring an ‘ultra-realistic’ steak alternative to market. These investments reflect a growing interest in innovative food solutions and technologies aimed at enhancing sustainability and efficiency.
In another significant move within the agritech landscape, Bolt Threads, a Berkeley-based startup known for its biomaterials, has gone public via a SPAC merger. This public listing marks a pivotal moment for the biomaterials industry, which is gaining traction for its potential to revolutionize sustainable manufacturing. Bolt Threads’ entry into the public market could pave the way for more companies in the sector to seek similar paths, thereby accelerating innovation and adoption of sustainable materials.
Meanwhile, the food waste think tank ReFED has appointed a new executive director, Sara Burnett. Burnett’s leadership is expected to bring fresh perspectives and strategies to tackle the pressing issue of food waste, which remains a significant challenge globally. ReFED’s focus on reducing food waste aligns with broader sustainability goals and could have far-reaching impacts on food security and environmental conservation.
Impossible Foods, a trailblazer in the plant-based food industry, has opened its first brick-and-mortar store. This move represents a strategic expansion from online and retail partnerships to direct consumer engagement. The store will likely serve as a testing ground for new products and a hub for customer feedback, enabling Impossible Foods to refine its offerings and enhance its market presence.
In the realm of agritech funding, Secai Marche, dubbed the ‘Amazon for fresh farm produce in Southeast Asia,’ has raised US$3.5 million to integrate AI features and optimize last-mile deliveries. This investment underscores the importance of leveraging technology to streamline supply chains and improve efficiency in the agricultural sector.
Belgian startup Hedera-22 has also made headlines by raising €2 million to advance sustainable agriculture practices. The funding will support the development of innovative solutions aimed at enhancing crop yields and promoting environmental sustainability.
On the corporate front, Above Food has announced a $34 million acquisition of The Redwood Group’s crop ingredients business. This acquisition is expected to bolster Above Food’s capabilities in the plant-based protein market, further solidifying its position as a key player in the industry.
Collaborations and technological advancements continue to shape the agritech landscape. Cargill and Goanna Ag are piloting irrigation efficiency technology on Mississippi Delta cotton fields, aiming to optimize water usage and improve crop yields. Similarly, Fonterra and Superbrewed Food are collaborating to advance postbiotic protein technology, which could revolutionize the way we produce and consume protein.
In a notable partnership, Arda Biomaterials and Beavertown Brewery are turning brewery waste into sustainable fashion accessories, exemplifying innovative approaches to waste management and resource utilization.
As the agritech and foodtech sectors continue to evolve, these developments highlight the dynamic nature of the industry and the ongoing efforts to address critical challenges through innovation and collaboration.