Chennai-based agritech startup Aqgromalin is raising INR 38.43 Cr in a fresh round of funding from Sequoia Capital India, Omnivore and Zephyr Peacock India.
According to regulatory filings accessed by Inc42, Aqgromalin will be allotting 4,366 Series Seed I CCPS of INR 87,434.30 of an aggregate amount of INR 38.17 Cr to Sequoia Capital India, Omnivore and Zephyr Peacock India.
The startup will be receiving INR 27.27 Cr by allotting 3,120 Series Seed I CCPS to Sequoia Capital India through SCI Venture Investments VII and Surge Ventures III. It will receive INR 5.4 Cr and 5.5 Cr from Omnivore and Zephyr Peacock India respectively.
As per the filings, the agritech startup also plans to issue up to 30 equity shares to Sequoia Capital India and Omnivore for INR 26 Lakh.
Founded in 2019 by Prasanna Manogaran, Aqgromalin is trying to increase farmers’ income through diversification via ready to implement micro-farms. The startup is working on IoT monitoring solutions for animal husbandry and aquaculture. It is also building a blockchain-based traceability platform for animal husbandry and aquaculture produce.
At present Aqgromalin has reached over 40,000 livestock farmers across Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Assam, Orissa and Kerala. The startup intends to reach over 1,00,000 farmers by the end of 2021.
In July, Aqgromalin raised INR 5.5 Cr in seed round which was led by Zephyr Peacock India Growth Fund. In 2020, the startup bagged INR 2 Cr from Middle East-based angel investors.
India’s agritech market is witnessing a stellar growth due to the rise of digital infrastructure, deep internet penetration in rural areas, and enhanced ease in access to farmer inputs.
Though multiple nationwide lockdowns caused significant restrictions on logistics, allowance of agricultural products as essential commodities ensured business continuity for most agritech startups.
According to Inc42 Plus, India’s agritech market is estimated to reach $24.1 Bn by 2025. At present there are over 1,000 agritech startups operating in the country. Overall, Indian agritech startups have raised a total of $842 Mn in funding across 165 deals.