Agritech startup Ergos has raised $10 Mn through a mix of equity and debt in its Series B funding round. The funding round was led by Norway-based Abler Nordic, and existing investors such as Aavishkaar Capital, Chiratae Ventures, and Trifecta Venture Debt Fund.
Founded in 2012 by Kishor Kumar Jha and Praveen Kumar, Ergos has revolutionised grain storage by enabling farmers to transform their produce into digital assets that can be traded. This approach allows farmers to capitalise on ideal selling times after harvest.
Additionally, the agritech startup connects farmers to potential buyers, provides secure warehouse storage for grains, and facilitates affordable financial solutions via partnering lenders.
It offers farmers 9-month storage for their harvest and grants credit on up to 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%.
It offers farmers 9-month storage for their harvest and grants credit on up to 70% of the stored grains.
In 2021, Ergos secured INR 81 Cr from CDC Group, Aavishkaar Capital and Chiratae Ventures, in its Series A funding round.
India is home to over 1,000 agritech startups that have collectively garnered over $2 Bn in funding since 2014. According to a MarketsAndMarkets study,the agritech market is estimated to reach $25.4 Bn by 2028 at 9.4% CAGR.
Recently, yet another agritech startup Leads Connect raised INR 500 Cr from BL Agro Industries to shore up its tech stack and scale research in deeptech and AI/ML domains.
In June, NABARD-backed agritech investor NABVENTURES invested INR 10 Cr in Satyukt Analytics to enable Satyukt to improve its Sat2farm app which empowers farmers with data-driven insights.
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