Indian agritech-focused venture capital firm Omnivore has achieved a significant milestone by marking the first close of its third fund at $150 million (approximately INR 1,250 crore).
The Omnivore Agritech & Climate Sustainability Fund 3, launched in April 2022 with an initial target of $130 million, has now surpassed expectations and aims to reach $175-180 million in total commitments from limited partners by next year.
The successful first close of the fund enables Omnivore to deploy capital and has attracted commitments from various new limited partners.
Notably, the government-backed Self-Reliant India (SRI) Fund and the International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, are among the new investors in the fund.
Other prominent backers include the Bill and Melinda Gates Foundation Inclusive Agritech Facility, Louis Dreyfus Company Ventures, and Yara Growth Ventures.
Fund Focus and Investment Plans
Omnivore plans to leverage the third fund to make 25-30 new investments in Indian agritech startups, targeting companies at the seed to Series A stages.
The venture capital firm, known for investing between $1-2 million in early-stage ventures, intends to increase investment sizes to as much as $5 million and even lead some Series A round investments. Key sub-sectors in focus include agrifood life sciences, rural fintech, and climate-smart agriculture.
One of the primary objectives of the Omnivore Agritech & Climate Sustainability Fund 3 is to drive climate action in agriculture.
The firm aims to support startups addressing climate mitigation and climate adaptation in the agricultural sector, given the increasing risks and opportunities posed by climate change in Indian agriculture.
Omnivore’s Track Record and Exits
Founded in 2011 by Mark Kahn and Jinesh Shah, Omnivore has been a pioneering force in Indian agritech investing in India. Over the past decade, the firm has invested in over 40 startups dedicated to making farming more profitable, resilient, sustainable, and climate-proof.
It has also shown successful exits, with the recent sale of its stakes in aquaculture IoT startup Eruvaka and precision sprayer manufacturer MITRA.
As Omnivore sets its sights on the final close of the third fund by December, it continues to play a significant role in fostering innovation in India’s agriculture and food systems.
With strong support from a diverse group of limited partners, the fund aims to drive climate-positive solutions in agriculture and empower startups to tackle the pressing challenges faced by the rural economy.
