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Wednesday, November 29, 2023

Agritech startup Agrizy secures Rs 30 cr to expand its business

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Agrizy has secured around Rs 30 crore in a seed round of funding. The agritech startup will use the funds it raised from investors including Ankur Capital to expand its business.

Agritech firm Agrizy has received $4 million (about Rs 30 crore) in funding from investors including Ankur Capital to expand its operations.

Omnivore and angel investorsRajesh Yabaji (CEO, BlackBuck), Zetwerk’s Co-founders Srinath Ramakkrushnan, Amrit Acharya, Rahul Sharma, and Vishal Chaudhary, among others, participated in the seed round.

Agrizy said it will use the funds raised to grow strong business and engineering teams, develop a suite of digital services for the processed agro sector, and scale up customer traction in targeted value chains across multiple regions in India.

The cash will be used to expand the product and accelerate business in specific value chains by the startup.

Agrizy, founded in September 2021 by Vicky Dodani and Saket Chirania, is creating a tech-first platform to connect the processed agri supply chain.

The technology platform connects processors and purchasers of non-perishable farm products in both food and non-food categories such as jute, oilseeds, cereals, pulses, and others to optimise transaction discovery and fulfilment.

“We want to be the agri processing units’ single point of contact by offering them with an end-to-end fulfilling platform and simplifying their procurement and sales cycle,” Dodani added.

According to Chirania, there is a lot of untapped potential in how agri processing units may use technology to grow and thrive.

Krishnan Neelakantan, Partner at Ankur Capital said, “We have been actively tracking the $500 billion agro commodity industry, seeing the potential for big possibilities to be unlocked.”

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