GIC is in talks to lead a $40m investment in the Indian startup Vegrow, which runs a business-to-business marketplace for fruits.
The Singapore sovereign fund is evaluating leading a Series C funding round in the Bengaluru-based business, according to TechCrunch.
The alleged talks have not yet been finalised, so the terms of the deal could well change. But the source claims that the Indian startup now holds a pre-deal valuation of around $250m.
Vegrow completed a Series B funding round worth $170m last year, receiving a capital injection from Prosus Ventures, as it focused on bridging the gap between demand and supply for fruits by aggregating a diverse range of channels.
The Indian company is in the business of fresh fruits and vegetables with an addressable market size of $43bn, according to their website. The tech platform partners with farmers, aggregating supply and selling to organised demand through partnership.
GIC is a global long-term investor established in 1981, it is one of the three investment entities in Singapore that manage Singapore’s reserves, alongside the Monetary Authority of Singapore (MAS) and Temasek.
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