With this, Nutreco has now acquired a majority stake in Eruvaka
The deal will help Nutreco’s aquaculture business Skretting to offer software, equipment and monitoring services to shrimp farmers across the globe
In 2018, Eruvaka bagged an undisclosed amount of funding from Nutreco and Omnivore in its Series B funding round
Venture capital firm Omnivore has exited aquatech startup Eruvaka after selling its stakes to Netherlands-based company Nutreco. With this, Nutreco has now acquired a majority stake in the startup.
The deal will help Nutreco’s aquaculture business Skretting to offer software, equipment and monitoring services to shrimp farmers across the globe.
“Eruvaka is an amazing example of Make in India, delivering cutting-edge agritech solutions to aquaculture farmers globally. With Nutreco acquiring Eruvaka, the Indian agritech ecosystem has seen its first large exit, and many more will follow in the coming years,” said Mark Kahn, managing partner at Omnivore.
Set up in 1994, Nutreco offers animal nutrition and aqua feed solutions across the globe. It runs two brands–Skretting for aqua feed and Trouw Nutrition for animal nutrition.
Nutreco employs nearly 11,000 people in 35 countries, as per its Linkedin profile.
“I am extremely grateful to my incredible team in Vijayawada, who believed in the vision and persevered to make Eruvaka a global leader in precision aquaculture technology. We are thankful to Omnivore for believing in us. I have faith that Eruvaka will thrive under the leadership of Nutreco too,” said Sreeram Raavi, founder of Eruvaka.
Founded in 2013 by Sreeram Raavi, Eruvaka develops sensors, connected devices and mobile-based tools for shrimp farmers that can help increase productivity and simultaneously, reduce risk to crops. After integrating these equipment on farms, farmers can monitor their crops and also automate repetitive processes on their farms.
Eruvaka aims to help farmers monitor their ponds in a better way and also, reuduce their investments thereby, inducing sustainable development of crops. It is currently operating in India and other international markets including Ecuador, Honduras, and Mexico. The startup claims to be profitable from the financial year 2018-19.
In 2018, Eruvaka bagged an undisclosed investment from Nutreco and Omnivore in its Series B funding round. As a part of the deal, Nutreco acquired a 25% stake in the acquatech startup.
In 2020, India’s agritech sector housed over 1000 startups, up from 43 startups in 2013. Over the years, the sector has exponentially grown due to increased internet penetration in rural areas, positive investor sentiments, and the lack of hi-tech equipment for agriculture farmers.
According to an Inc42 report, India’s agritech market was pegged at $204 Mn in 2020. The industry is likely to become a $24.1 Bn market by 2025.