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RML AgTech, formerly known as Reuters Market Light has raised $4 Mn from IvyCap Ventures, a private equity firm. The funds were raised in multiple tranches from IvyCap Ventures in 2016.
The company plans to utilise the money to strengthen its IT backbone and to bring in new products and features on its current offerings.
Commenting on the investment, Vikram Gupta, founder and Managing Partner, IvyCap Ventures said, “The agriculture sector in India today stands at an inflection point where food security for future India will be determined. And it is the agritech sector that has the potential to address the challenges we face today. We found the product and strategy model of RML AgTech to principally to address these concerns and hence a huge potential for the time to come.”
Founded in 2007, RML AgTech is a technology company providing ‘Agri Decision Support Solution’ on mobile phones to farmers. It provides customised smart farming solutions to enhance crop productivity and earnings of the farmers. The company has developed app-based solutions for every stage of farming – starting from soil testing, what to grow, how to grow, where, and when to sell for agriculturists.
The company boasts that it has strategic access to over 25,000 rural network, in-house technology systems and customised solutions to farmers, traders and enterprises. RML AgTech is reportedly working with 3.5 Mn farmers across 16 states including Punjab, Rajasthan, Gujarat, Madhya Pradesh, Bihar, Uttar Pradesh and Karnataka and soon plans to expand its services to Tamil Nadu and Andhra Pradesh.
Rajiv Tevtiya, Managing Partner & CEO, RML AgTech believes that their product will see significant growth over the next 2-5 years.
Earlier, in October 2016, Mahindra Univeg, a joint venture between Mahindra Agri Solutions Ltd and Belgium-based Univeg (Greenyard Foods) had invested an undisclosed amount in ecommerce startup MeraKisan. Prior to this, in August 2016, agritech startup DayBox raised $104K (INR 70 Lakh) from Ashutosh Lawania (co-founder, Myntra); Rajul Jain (SVP Supply Chain, Myntra and co-founder, Yebhi.com); Badal Malick (ex-VP Omnichannel, SnapDeal); Rishi Gupta (CEO, Fino Paytech Ltd); and six other angel investors.
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