Agritech Startup Cornext Nets $2.2 Mn To Boost Its Silage Production

Agritech startup Cornext has raised $2.2 Mn (around INR 18.3 Cr) in a seed funding round from Omnivore.

The Hyderabad-based startup will use the fresh capital to grow its yearly silage production to 1 Mn MT by 2026. Besides, the proceeds will be deployed for investments across research and development in baling technology. 

Founded in 2015 by Madhav Kshatriya and Feroz Ahmed, Cornext is an agritech company focused on dairy, operations and logistics. It develops feeding solutions for dairy farmers and also claims to address fodder deficit problem through its patented preservation technique called silage baling. 

Silage is the fermented grass or crops that farmers feed to animals when there’s not much fresh food around.

Kshatriya said, “Cornext aims to be the go-to company for all things silage. Our institutional clientele to date includes AMUL, SUMUL, BANAS, MILMA, KMF, and many other large dairies and cooperatives. We are excited to have Omnivore’s support and make a positive impact on smallholder incomes and cattle health.”

“Cornext is solving one of the most chronic problems in Indian agriculture – affordable cattle nutrition. India’s milk productivity is one of the lowest in the world, mainly due to fodder shortage. Cornext is changing this narrative…,” said Jinesh Shah, managing partner at Omnivore.

This 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. 

On Monday, agritech startup Poshn secured $4 Mn (around INR 33.3 Cr) in equity and $2 Mn in debt in a pre-Series A funding round co-led by Prime Venture Partners and Zephyr Peacock India.

Earlier this year, Ninjacart made a strategic investment in Philippines-based agri-fisheries startup Mayani.

As per Inc42, the Indian agritech sector raised over $2.4 Bn in funding in 285 deals between 2014 and February 2024.

Although the numbers declined in 2023, totalling $208 Mn across 28+ deals from $817 Mn across 60+ deals in 2023, industry experts conveyed this was the result of the overall decline in funding levels.

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