SUMMARY
The startup is going to use the fund to establish a pan-India distribution network for its existing products
Balwaan is also planning to set up a local language after-sales support centre to provide round-the-clock technical assistance to farmers
It will also offer consumer finance options to farmers, to make it easier for them to purchase machines through EMI plans
Agritech startup Balwaan has bagged $2 Mn funding in a Pre-Series A round led by Caspian Leap for Agriculture Fund. The round also saw participation from investors including Deepak Agarwal (MD of Bikaji group), Rishab Jain (CFO of Bikaji), Pulkit Bachhawat (Founder, Right Pillar Advisors), and other prominent investors.
For the round, Right Pillar Advisors served as the financial advisor, while Skwerup Capital served as legal advisor.
The startup is going to use the fund to develop new products and establish a pan-India distribution network for its existing products. It primarily looks at expansion across the southern and eastern regions of India.
Further, the startup is also planning to set up a local language after-sales support centre to provide round-the-clock technical assistance to farmers. This initiative is to enable seamless customer service and improve the overall experience of farmers using its machines.
Also, the startup will use the funding to offer consumer finance options to farmers, to make it easier for them to purchase machines through EMI plans.
Balwaan also aims to launch ISI-approved small farm machine products under its Balwaan Krishi brand.
Commenting on the fresh investment, Rohit Bajaj, cofounder and CEO, Balwaan said, “We are at the forefront of innovation, harnessing cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) to revolutionize our product offerings and obtained to give proactive maintenance and unparalleled support to our dedicated farmers.”
Founded in 2016 by Rohit Bajaj and Shubham Bajaj, Balwaan Krishi offers technologies that enable farmers to boost production, improves farmers’ lives. The startup claims that it alters rural communities by providing affordable and effective machinery to manage small and marginal farms.
Balwaan claims to have sold over 60,000 units of equipment. The products are available on ecommerce platforms including Amazon and Flipkart, and the startup fulfills more than 1,000 orders daily.
According to the startup, the Indian agricultural industry comprises 12 Cr farmers out of which 10 Cr are small scale and marginal farmers. It further claims that with its awareness campaign initiatives, Balwaan has connected with more than 10 Mn farmers.
Even though a significant portion of the Indian landmass is under agriculture, lack of awareness and supply chain management affects crops, hence impacting the farmers.
Recently, agritech startup Agrizy secured $5 Mn debt funding from SBI, Yes Bank, Vivriti Capital, and some other financial institutions, to strengthen its technological & processing capabilities among others.
Last month, Akshay Kumar and Virender Sehwag invested in an agritech startup Two Brothers Organic Farm (TBOF) in a Pre-Series A round.
CropIn, WayCool, etc operate in the agritech startup space in India.
