Agritech startup Ergos secured $10 million in its Series B funding round, raising capital through a combination of equity and debt. The round was spearheaded by Abler Nordic, a Norway-based firm, and featured participation from previous backers like Aavishkaar Capital, Chiratae Ventures, and the Trifecta Venture Debt Fund.
Established in 2012 by Kishor Kumar Jha and Praveen Kumar, Ergos has pioneered a transformation in grain storage. The company empowers farmers to convert their agricultural produce into digital assets that can be readily traded. This innovative approach enables farmers to leverage optimal selling opportunities following the harvest season.
Furthermore, the agritech startup links farmers with potential buyers, offers secure warehousing for grains, and collaborates with lenders to provide cost-effective financial solutions.
It provides farmers with a nine-month storage option for their harvest and extends credit for as much as 70% of the stored grains.
Presently, Ergos aids more than 160,000 farmers through its platform, boasting a vast Grainbank network of farm-gate warehouses in over 200 locations across Bihar, Karnataka, and Maharashtra. Over the years, the firm has assisted farmers in boosting their annual income by 30-35%.
In 2021, Ergos raised INR 81 crore in its Series A funding round with participation from CDC Group, Aavishkaar Capital, and Chiratae Ventures.
India boasts a thriving agritech ecosystem with more than 1,000 startups, amassing a total funding of over $2 billion since 2014. A MarketsAndMarkets study projects that the agritech market is poised to reach $25.4 billion by 2028, growing at a compound annual growth rate (CAGR) of 9.4%.
Recently, another agritech startup, Leads Connect, secured INR 500 crore in funding from BL Agro Industries. This substantial investment aims to bolster its technological infrastructure and expand research efforts in deep technology and artificial intelligence/machine learning domains.
Read More: FMCG giant BL Agro invests INR 500 Cr in agritech startup Leads Connect for strategic expansion
In June, NABVENTURES, an agritech investor backed by NABARD, allocated INR 10 crore in funding to Satyukt Analytics. This investment is aimed at enhancing Satyukt’s Sat2farm app, which provides farmers with data-driven insights, empowering them with valuable information.
