India's Omnivore launches $130m agtech VC fund
India’s Omnivore Partners has launched its third domestic agricultural technology VC fund with a target of USD 130m.
The firm closed its second fund on USD 97m in 2019, beating a USD 75m target with support from BASF Venture Capital, Mistletoe, RBL Bank, Rockefeller Foundation, AXA Investment Managers, and various development finance institutions. Its debut fund closed on about USD 33m in 2013.
Omnivore Fund 3 will make 25-30 early-stage investments across the next four years with a stronger focus on climate action in agriculture, including start-ups addressing domestic greenhouse gas emissions challenges. It is expected to reach a first close in September and a final close by mid-2023.
The fund will also support the recently launched OmniX Bio initiative, which aims to catalyze the local food-tech space. OmniX is not a standalone fund but seeks to facilitate funding while providing mentorship in areas such as agricultural biotechnology, novel farming systems, bioenergy and biomaterials, as well as innovative foods, including alternative proteins.
Omnivore has backed more than 35 agtech start-ups since its establishment in 2010. Investments typically cover farm-related storage, logistics, energy, water, and financial inclusion.
Standout portfolio companies include B2B marketplace DeHaat and satellite imaging provider Pixxel. DeHaat raised USD 115m last year in what was said to be India’s largest-ever agtech VC round.
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