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By: NDTV
Aquaconnect will utilise the new capital to continue scaling its operations and enhance its coverage of the major aquaculture production states in India. The company has recently expanded its footprint in West Bengal, Uttar Pradesh, and Assam.
Startup Aquaconnect has raised $4 million from investors to expand its aquaculture business.
In a statement, Aquaconnect said it has completed a $4 million (around Rs 33 crore) Pre-Series B funding round led by S2G Ventures.
Aquaconnect will utilise the new capital to continue scaling its operations and enhance its coverage of the major aquaculture production states in India. The company has recently expanded its footprint in West Bengal, Uttar Pradesh, and Assam.
The company is a full-stack aquaculture platform with embedded fintech that leverages satellite remote sensing and artificial intelligence to improve the efficiency of stakeholders in the fish and shrimp farming industry. It enables market linkage for aquaculture farmers, retailers, and seafood buyers to increase access to farm inputs, and post-harvest markets.
Aquaconnect provides formal credit to its retail partners and seafood buyers to ease their working capital needs and upscale their businesses.
Last year, the company secured $15 million (around Rs 120 crore) as part of Series A funding round, backed by investors such as Lok Capital, Louis Dreyfus Company (LDC) Ventures, Suneight Investments, AgFunder, Omnivore, Rebright Partners, Flourish Ventures, and Hatch Blue.
So far, Aquaconnect has raised a total of $32 million (about Rs 265 crore) in funding.
“The investment from S2G reinforces our mission of transforming the Indian aquaculture landscape through a phygital approach.”
“The funds come at a critical juncture as we gear up for our next phase of growth to capture new opportunities, with an intense focus on expanding our operations in major markets,” Rajamanohar Somasundaram, Founder & CEO of Aquaconnect, said.
Source: NDTV
