Omnivore Exits Barrix Agro Sciences To Sumitomo Chemical

Updated on: 1 September 2023 11:28 pm

Fuselage, which provides drone-based agricultural surveillance and spraying solutions, qualifies for mentorship by experienced entrepreneurs and introduction to key networks, courtesy the GEP that lends business support to non-UK firms

Kerala Agritech Start-Up Fuselage Qualifies For UK's Global Entrepreneurship Programme Photo: Fuselage, which provides drone-based agricultural surveillance and spraying solutions, qualifies for mentorship by experienced entrepreneurs and introduction to key networks, courtesy the GEP that lends business support to non-UK firms

Agritech venture capital firm Omnivore announced its exit from Barrix Agro Sciences. It has signed a definitive agreement to sell its stake to Sumitomo Chemical India Limited (SCIL), a subsidiary of Sumitomo Chemical in Japan.

This is Omnivore's third exit in just over one year. In August 2022, Omnivore exited Eruvaka to Netherlands-based Nutreco, and earlier this year, Omnivore exited MITRA to Mahindra.

Barrix which was one of the earliest entrants in India’s then-nascent agritech startup ecosystem was also an early innovator of Integrated Pest Management (IPM) and integrated Plant Nutrition Management (IPNM) products. Omnivore, which pioneered agritech investing in India, became Barrix’s first institutional investor in 2013 alongside IIM Ahmedabad’s CIIE.

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Jinesh Shah, managing partner at Omnivore, stated that before Barrix, Indian farmers had limited access to effective, affordable, and eco-friendly crop protection products. Over the years, the startup has proven the efficacy of their innovations in minimizing crop damage and labor costs.

Lokesh Makam, managing director, Barrix Agro Sciences also shared his delight to join forces with SCIL and thanked Omnivore for the support through the early years.

Chetan Shah, managing director of SCIL stated, “Together, with SCIL’s vast network and Barrix’s proven innovative products, we can serve the farmers through the complete value chain with traditional and additional complementary solutions to crop protection. The acquisition shall create greater synergies, deliver maximum value for our shareholders and a wider product portfolio for our customers.”

Omnivore is a venture capital firm, based in India, which funds entrepreneurs building the future of agriculture and food systems. Omnivore pioneered agritech investing in India, and over the past decade has backed over 40 startups.

Sumitomo Chemical India Limited (‘SCIL’ or ‘the Company’) is a subsidiary of a global diversified chemical companies Sumitomo Chemical Co., Ltd., Japan (‘SCC Japan’) and also present in Indian agrochemical, household insecticides and animal nutrition sectors.