India: Business incubator AIC Raise chooses Grover & Company

  • 12 February 2021
  • Investor
The impact investment firm has partnered with AIC Raise to evaluate ventures in the Indian alternative food ecosystem

Start-up incubator AIC Raise has teamed up with budding venture capital firm Grover & Company to evaluate, mentor and bootstrap early-stage ventures in the Indian alternative food ecosystem.

AIC Raise is the country’s first start-up incubation centre and is supported by Atal Innovation Mission of NITI Aayog, the government of India’s policy think tank.

Focusing on the UN’s Sustainable Development Goals, AIC Raise is creating a holistic ecosystem for social start-ups to maximise profits and benefits to society and the environment.

Grover & Company entered the venture capital market in August, founded by Amit Grover. The firm is raising $50 million for its maiden fund.

“We will be reaching an oversubscribed status,” Grover told NutritionInvestor. He revealed the firm is working on the formation process of the master-feeder structure in the Dubai International Financial Centre, and that work is under way in the UAE.

Grover & Company’s investment thesis targets early-stage companies in six specific categories:

  • Plant-based food and drink
  • Contract manufacturing and distribution
  • Medicinal cannabidiol
  • Cannabidiol and hemp skincare
  • Hemp nutrition
  • Cultivated meats

Grover revealed the fund’s first investments will be announced in the summer.