New Delhi, April 20 -- Agrochemicals manufacturer and supplier Agrow Allied Ventures has bagged a $20 million (around Rs 186 crore) equity investment from private equity firm ICICI Venture.
Agrow, which manufactures agrochemicals such as herbicides, insecticides and fungicides, operates a facility at Rajasthan's Kotputli with an installed capacity of about 30,000 metric tonnes (MT) per annum and has a presence across 80 countries, per a press note. It has a portfolio of more than 15 technical products and over 300 formulations including specialty and patented offerings, and makes 40% of its topline from exports.
The fresh infusion from the PE firm will be used for research and development (R&D) on specialty molecules, global registrations, and expansion of operational and manufacturing capacities.
Candle Partners was the exclusive transaction advisor to Agrow Allied on this deal.
Agrow Allied promoter and managing director Rakshit Sehgal said, "Our focus will be on expanding capacities, deepening our product pipeline, accelerating global registrations, and ensuring that our farmer-first philosophy remains at the centre of everything we do."
ICICI Venture senior director of private equity Nikhil Mohta said, "In a sector as critical to the nation as crop protection, where India has an inherent competitive advantage in chemistry and manufacturing as well as a strong domestic market, we see a significant runway for companies such as Agrow Allied that can combine product quality with global distribution at scale."
According to VCCEdge, this would be Agrow's first institutional fundraise.
Gurugram-based Agrow Allied, founded in 1990, closed FY25 with revenues of Rs 451 crore, which was around 17% year-on-year increase from Rs 387 crore a year before. EBIT improved to about Rs 38 crore from about Rs 30 crore over the same period, per VCCEdge data.
ICICI Venture is the alternative investment arm of ICICI Bank. The asset manager, counted among the pioneers of private equity in India, recently marked the final close of its venture capital vehicle IVEN Amplify Fund, launched in 2024 with an initial target of Rs 1,000 crore (around $111 million), at Rs 1,500 crore (around $166 million), surpassing its target, VCCircle reported in January.
The funding was done through India Advantage Fund S5 I this March. This fund was among the several funds that were transferred from ICICI Venture to ICICI Prudential Asset Management on April 1, as part of the group's streamlining effort.
Published by HT Digital Content Services with permission from VC Circle.