GIC is in talks to invest in Indian startup Vegrow, which runs a business-to-business fruit marketplace, two sources familiar with the matter said.
The Singaporean sovereign fund is evaluating leading a $40 million Series C financing round in Vegrow, the sources said. The talks, which have not yet concluded and terms could still change, currently value the Indian startup at a pre-cash valuation of about $250 million, one of the sources said.
Vegrow, which raised its Series B funding round from Prosus Ventures at a valuation of about $170 million last year, is focused on bridging the gap between demand and supply for fruit by bringing together a variety of channels. The platform bearing its name, which operates in more than 100 cities, brings together wholesalers and semi-wholesalers, as well as players from modern and general trade on the demand side. Vegrow was working with over 20,000 farmers as of last year.
Vegrow also counts Lightspeed, Elevation, Better Capital, and Ankur among its backers. GIC and Vegrow did not respond to a request for comment.