Bengaluru-based potato seeds firm Utkal Tubers India Pvt. Ltd has raised $1.45 million (Rs 10 crore) in a fresh funding round from Irish strategic investor IPM Potato Group Ltd.
Through the newly announced partnership with IPM, Zephyr-backed Utkal has licenced an extensive portfolio of new potato varieties with improved disease resistance and high yield potential, it said in a statement.
About 90 per cent of the potatoes in India are grown in just four states -Uttar Pradesh, West Bengal, Bihar and Punjab. Farmers from other states typically have to pay 30-40 per cent premium to access potato seeds in time.
Abhijeet Kudva, MD, Zephyr Peacock India, said: “Utkal is addressing this need through research and developing new technologies. It has partnered with IPM to bring high yielding and disease resistant varieties of potato seeds suited to Indian climatic conditions.”
Established in 2017, Utkal operates in seven states across India.
Launched in 1950, Dublin-headquartered IPM is a subsidiary of the Donegal Investment Group Plc. It is known to be a global leader in potato breeding and seed potato production and operates in the UK, Holland, France, Portugal and Kenya. With a portfolio of over 30 proprietary potato seed varieties, the company markets and distributes the vegetable to over 45 countries across the globe.