Agritech startup Ergos Business Solutions Pvt Ltd on Wednesday introduced it has raised an extra capital of Rs 38.5 crore ($five million) in Series A spherical with fresh funding from Chiratae Ventures and Aavishkaar Capital.
Chiratae Ventures led the Series A spherical with an funding of Rs 23.five crore, while Aavishkaar Capital, the Impact Investing arm of the Aavishkaar Group, invested an extra Rs 15 crore. The equity spherical is predicted to be an Rs 80 crore enhance with any other institutional investor set to join the spherical.
Kishor Jha, Founder and CEO, Ergos, said,
“We are extraordinarily excited to have Chiratae on board. Along with the ongoing support from Aavishkaar Capital, we intend to hastily scale our geographic footprint and stay focussed to provider farmers without delay at farmgate at over 2000 Grainbank places over the following few years.”
Founded through young entrepreneurs from Bihar, Kishor Jha and Praveen Kumar, Ergos has been operating on a farm-gate primarily based Grainbank version that the startup has piloted in a couple of districts of Bihar. The version permits farmers to digitise their meals grains and additionally offers them with doorstep access to end-to-end postharvest deliver chain solutions with the aid of using leveraging a sturdy generation platform to make sure seamless service delivery.
The Ergos tech platform operates like a financial institution and gives storage, digitisation, credit score and liquidation facility to farmers via the unmarried platform.
Over the closing 5 years, the company’s Grainbank version claims to have constantly helped farmers gain substantially better earning via higher price realization of their produce. The startup helps more than 20,000 farmers on its virtual platform and has a physical footprint in more than 60 places in Bihar.
TCM Sundaram, Founder and Managing Director, Chiratae Ventures, said,
“We are excited to companion with Ergos in its contribution to the government’s venture to assist farmers double their profits in a quantifiable way.”
“Ergos is bridging the massive gap among the selling price of produce and the realisation of farmers on the farm-gate with the aid of using using technology to facilitate credit and market linkages to the grains saved with it. This possibility is huge and Ergos is predicted to capitalise on its early cause come to be a marketplace chief that creates sustainable improvement to the farmers’ life,” he added.
