Navork at SINE IIT Bombay Raises $200K Seed Round at $3.2 Million Valuation to Revolutionize Mushroom Farming

Navork Innovations, a startup incubated at SINE IIT Bombay and ICAR-IARI, Pusa, specializing in quality improvement and shelf-life extension of fresh fruits and vegetables, has successfully raised a seed investment of $200,000 at a valuation of $3.2 million. The funding comes from a group of angel investors from Japan, facilitated by Shiru Startup from Nikken Group, Spring Star Capital Group, ICAR-IARI, and others, in a mix of equity and grant.

Navork’s groundbreaking product, “Navgri – Smart Mushroom Protect,” is a patented solution designed to enhance the quality and shelf life of mushrooms. The innovation has garnered support from scientists at IIT Delhi and ICAR-Directorate of Mushroom Research. CCAMP, SINE IIT Bombay, was an early investor in the company, supporting the research and development of this novel product under the agri grand challenge.

“We are proud to have developed ‘Navgri – Smart Mushroom Protect,’ a first-of-its-kind product aimed at improving the quality and shelf life of mushrooms. This innovation is making a significant impact on mushroom farming, particularly in regions where farmers were facing substantial losses due to poor quality and low shelf life,” said Abhishek Sahgal, the founder of Navork and an alumni of IIT Delhi and KTH Sweden.

Despite being classified as vegetables, mushrooms, being fungi, are inherently more perishable than traditional fruits and vegetables. “Navgri – Smart Mushroom Protect” addresses this challenge by delaying cap opening, microbial degradation, and browning of mushrooms, ensuring they remain farm-fresh for an extended period.

Abhishek Sahgal emphasized, “Navgri is helping farmers maintain the improved quality of mushrooms for a much longer time, enabling the shipment of fresh mushrooms to places like Nepal and Hyderabad even after 36 hours of harvest. This results in better prices for farmers and builds a stronger brand value for their mushroom farms.”

Affan Karel, Tech Head and Master’s in Nanotechnology, further explained, “The funds raised will be utilized to reach a larger number of mushroom farmers in India and to develop technology addressing other core problems in the industry related to the quality and shelf life of fruits and vegetables.”

To overcome the challenge of reaching a large number of farmers, Navork leverages platforms such as WhatsApp and YouTube to connect with farmers, creating a community for shared experiences. The company also conducts webinars to address and solve the specific problems faced by mushroom farmers.

Konika, Brand Manager at Navork, stated, “We are committed to using innovative approaches to reach and support mushroom farmers across the country. Our focus is not only on the success of our product but also on building a community that benefits from shared knowledge and experiences.”