New Delhi, May 14 -- Home gardening and houseplant company Ugaoo Agritech Pvt Ltd, backed by V3 Ventures, DSG Consumer Partners, and RPG Ventures, is looking to raise fresh capital in a Series B funding round, three people familiar with the development told VCCircle.

Founded in 2015 as a subsidiary of founder and CEO Siddhant Bhalinge's 130-year-old family business Namdeo Umaji Agritech, Ugaoo is among a handful of organized, digital-first gardening brands in India, alongside Ferns N Petals, Nurserylive, and agritech startups Farmizen and Crofarm.

The Pune-based company, which sells around 1,200 SKUs across categories such as plants, fertilizers, and seeds, is looking to raise $10-15 million (Rs 96-144 crore), the people said.

As part of the process, Ugaoo has appointed Bengaluru-based growth-stage investment banking firm R72 Partners as its advisor, they added.

Queries sent to Ugaoo and R72 Partners remained unanswered till the time of publishing.

Ugaoo last raised its Series A round in November 2024, securing $5.63 million (Rs 47.3 crore then) from V3 Ventures, the VC arm of private equity firm Verlinvest; DSG Consumer Partners, and RPG Ventures, the VC arm of Harsh Goenka-led RPG group.

The firm has been looking to expand beyond its existing hubs in Mumbai, Delhi, Pune, Hyderabad, and Kolkata into other metros and tier-II markets like Ahmedabad, Vadodara, and Indore, VCCircle had reported in August last year, citing founder and CEO Siddhant Bhalinge.

Currently, around 80% of Ugaoo's sales come from online channels such as its own website, quick commerce, and marketplaces, with the rest coming from retail stores.

The firm also plans to open 10 new retail outlets in FY26, alongside warehouses, nursery stores, and experiential "garden centres" spanning 40,000-50,000 sq ft in select cities.

In FY25, Ugaoo reported revenue of Rs 95 crore, up 50% over the previous year, Bhalinge said. He attributed the jump to quick commerce, which contributed a quarter of sales. EBITDA losses remained under Rs 2 crore during the year, flat year-on-year, due to hiring overheads. The firm is targeting a revenue of Rs 155 crore in FY26 while moving toward break-even.

Also read: How VC-backed home gardening firm Ugaoo is preparing the ground for growth

Published by HT Digital Content Services with permission from VC Circle.