Aquaconnect will deploy funds to grow presence in India by expanding its network of franchise stores
The startup will infuse capital to expand the scale of operations and enhance its post-harvest market linkage solutions
It claims to work with more than 60,000 farmers in various states of the country
Chennai-based aqua farmers network startup Aquaconnect has raised $8 Mn in a venture debt funding round led by Trifecta Capital.
The startup will deploy funds to grow presence in India by expanding its network of franchise stores that enable access to quality input products to the fish and shrimp farmers.
In addition, it will infuse capital to upscale operations and enhance its post-harvest market linkage solutions.
“At Aquaconnect, our aim is to make the aquaculture value chain more efficient and transparent while increasing value realization through tech intervention. The fresh round of capital will help us achieve this goal by paving the way for expansion of our aqua partners network in India and help the aquaculture farmers reach more buyers by strengthening our post-harvest market linkage solutions,” Rajamanohar Somasundaram, founder and CEO of Aquaconnect, said.
Founded in 2017 by Somasundaram, Aquaconnect’s platform helps aquaculture farmers grow earnings by introducing them with smart farm management tools, financial services and customers.
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The startup works with fish and shrimp farmers to improve farm productivity, financial access, and market linkage through intelligent technology solutions.
The startup said it has been working to overcome challenges in the aquaculture value chain through an integrated tech-driven approach.
It further claims to work with more than 60,000 farmers in various states of the country. Aquaconnect counts various domestic and international investors—Omnivore, Rebright Partners, Flourish Ventures, AgFunder, HATCH, and 6G capital.
Earlier in July 2021, Aquaconnect bagged $4 Mn in a Pre-Series A funding round led by Rebright Partners and Flourish Ventures. The round also saw participation from investors–AgFunder and 6G Capital and existing investors–Omnivore and HATCH.
Then, the startup deployed funds to scale its farm advisory, financial services and marketplace for seafood exports.
In September 2019, Acquaconnect raised $1.1 Mn in seed funding round from Omnivore and existing investor, HATCH. As a part of the deal, Omnivore’s partner Reihem Roy joined its board to support the startup’s growth strategy.
Aquaconnect competes with the tech-enabled B2B animal protein marketplace Captain Fresh that recently raised $50 Mn in a Series C funding round led by existing investors, Prosus Ventures and Tiger Global. The round also saw participation from Accel India, Matrix Partners India, Ankur Capital, and Incubate Fund.