Funds raised will be used to build strong business and engineering teams, develop a range of digital services for the processed agricultural market and increase customer engagement in targeted value chains across multiple locations in India. The company will use the funds to grow the product and accelerate the business in targeted value chains.
Founded in 2021 by Vicky Dodani and Saket Chirania, Agrizy is developing a tech-first platform to bridge processing agricultural supply chain. The technology platform connects the processors and buyers of non-perishable agricultural products in both food and non-food categories such as jute, oilseed, grain, legumes and others to optimally discover and execute transactions. This will support agricultural processors with innovative technology solutions so that they can be used effectively to execute trades through Agrizy’s logistics partners. The founding team has a mix of operational, financial and logistics experience at high growth startups such as Blackbuck, Bizongo and Zoom caras well as deep connections to the field of agricultural processing.
Agrizy is Ankur Capital’s first investment under its India Pitch Fest program. The first cohort had over 500 applications and out of these, 50 applicants were shortlisted for the final round, where they had the opportunity to pitch their startup idea to various micro VCs. The IPF (India Pitch Fest) platform continues to support the entrepreneurs from the diverse startup ecosystem and work with the community to serve businesses with the partner networks.
Ankur Capital and Omnivore are investors in agricultural technology. Your investment in Agrizy shows the potential that can be unlocked in this area.
In a statement, Dodani said: “We aim to be the single point of contact for agricultural processing units by providing them with an end-to-end fulfillment platform and simplifying their sourcing and sales cycle. The latest round of funding from two prominent funds investing in Agri Tech revitalizes our vision to transform the processed agricultural supply chain.”
Grain production in India is estimated to be worth nearly half a trillion dollars by 2025. But the structure of the industry and the intermediate supply chain remains largely disorganized, with 2.5 million – mostly small – units employing 7 million people across India. Logistics for agricultural trade remains disaggregated, with a high reliance on middlemen for last-minute fulfilment.
“There is a lot of untapped potential in the way agricultural processing units can use technology to grow and thrive. Agrizy offers solutions for digital supplier management as well as automation of the supply and value chain for its Agri Processing Units. We are sustainably growing our business 100% MOM from the start,” Chirania said in a statement.
The opportunities for organizing supply chains for sourcing and processing are vast as stakeholders leverage digital technologies, new-age logistics and smart finance. Agrizy is focused on digitizing these value chains by building a platform that will streamline and streamline transactions between aggregators, FPOs, farmers and processors, including facilitating formal lending for these small businesses. This should unlock value for all key stakeholders in this ecosystem.
Krishnan Neelakantan, Partner at Ankur Capital, commented, “We have been closely following the $500 billion soft commodities market and recognized the potential for major opportunities to be unlocked. As these value chains continue to follow archaic practices, we have seen the Agrizy team develop a deep understanding of the space and how digitalization can disrupt these large agricultural value chains in India. We see Agrizy building a platform that enables better pricing realization, expands business presence across locations and unlocks value for SMEs by enabling formal lending.”
“The founders are perfect examples of the new wave of Agritech founders building on their previous startup experiences (Blackbuck, Zoomcar, Bizongo) to transform India’s agricultural value chains,” Omnivore’s Mark Kahn said in a statement.
https://economictimes.indiatimes.com/small-biz/sme-sector/agri-tech-company-agrizy-raises-4-million-seed-funding-led-by-ankur-capital/articleshow/90640343.cms Ankur Capital: Agri-tech company Agrizy raises $4 million seed funding led by Ankur Capital