Cornext, an agritech startup, secured $2.2 million (around INR 18.3 crore) in seed funding from Omnivore.
The startup, headquartered in Hyderabad, plans to utilize the new funds to increase its annual silage production to 1 million metric tons by 2026. Additionally, the funding will support investments in research and development for baling technology.
Established in 2015 by Madhav Kshatriya and Feroz Ahmed, Cornext operates as an agritech firm specializing in dairy, operations, and logistics. The company pioneers feeding solutions for dairy farmers and offers a patented preservation technique known as silage baling to tackle fodder deficits.
Silage refers to fermented grass or crops utilized by farmers to feed animals during periods of limited availability of fresh food.
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Kshatriya expressed, “Cornext strives to become the primary destination for all silage-related needs. Our institutional partners so far include AMUL, SUMUL, BANAS, MILMA, KMF, along with numerous other prominent dairies and cooperatives. We’re thrilled to have Omnivore’s backing as we aim to enhance smallholder incomes and promote cattle health.”
Jinesh Shah, managing partner at Omnivore, commented, “Cornext addresses a critical issue in Indian agriculture: providing affordable cattle nutrition. India’s low milk productivity is largely attributed to fodder scarcity. Cornext is reshaping this landscape.”
This development comes at a time when the broader agritech space is seeing interest from investors, with startups like Ninjacart, Dehaat, and Cropin emerging as prominent players in the sector.
Recently, agritech startup Poshn secured $4 million (around INR 33.3 crore) in equity and an additional $2 million in debt during a pre-Series A funding round. This investment was co-led by Prime Venture Partners and Zephyr Peacock India.
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Earlier this year, Ninjacart strategically invested in Mayani, an agri-fisheries startup based in the Philippines.
According to data, the Indian agritech sector has amassed over $2.4 billion in funding across 285 deals from 2014 to February 2024.
Despite a decline in numbers in 2023, with funding totaling $208 million across over 28 deals compared to $817 million across over 60 deals in 2022, industry experts attributed this to an overall decline in funding levels.
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