Agrowave Raises Pre Series A Funding For Building Produce Procurement Network

Agrtitech startup Agrowave has raised $2 Mn in Pre-Series A funding from Aroa Ventures– Oyo founder Ritesh Agarwal’s family office.

Founded in 2017 by Anu Meena, the Gurugram-based startup is building a farm-to-market mobility supply chain with a focus on first-mile logistics and trade supply through an integrated network of ‘mobile pickup stations’ which are placed at farm gates to procure products directly from farmers.

Further, it plans to use the funds towards expanding its team, scaling operations, building 40,000 MPSs to achieve a monthly GMV of INR 100 Cr. 

Agrowave currently has a GMV of INR 15 Cr and a merchandise volume of approximately 8000 tonnes, with operations in over 150 villages as per its December 2021 records. It does this with a current network of more than 3000 MPSs.

“Growing up, I saw the challenges my grandfather, a farmer, faced. Solving these challenges that farmers across India face, has since been my mission. We at AGROWAVE, are building solutions which enable farmers to sell their produce from their farm-gates in just a few clicks.  This funding will help us further expand our network of farmers, bring more transparency in the value chain, and most importantly positively impact the livelihood of farmers,” said Anu Meena, founder of Agrowave. 

According to ICAR-Central Institute of Post Harvest Engineering & Technology (CIPHET), Indian farmers face INR 1 lakh Cr worth of food losses every year — 6% of cereals, 8% in pulse, 10% in oilseeds and 15% in fruits and vegetables. These losses happen between farm to retail and can be reduced by proper post-harvest management of agricultural produce. 

According to an Inc42 Plus report, India’s addressable agritech market potential is projected to reach $24.1 Bn by 2025 and Indian startups have tapped into only $204 Mn, or 1% in 2020, so far.

“Small and marginal farmers are the backbone of this country and account for the majority of all farmers. Innovation and technology shifts in this sector are critical to ensure that they have access to the best markets and prices. We are delighted to be supporting Agrowave in their mission to empower farmers,” said Gaurav Gulati, head and CIO of Aroa Ventures, 

In November,  Agri-fintech startup Unnati Agri raised INR 60 Cr in a Series A funding round led by Incofin Investment Management, NabVantures, and Orios. 

Another B2B agritech startup, FarMart, had raised $10 Mn in a Series A funding round led by Matrix Partners India last year.