Agri-tech firm Aqgromalin has secured Rs 2 crore in seed funding round. The latest financing round saw participation from Middle East-based angel investors.
The South India-based company plans to use the funds raised to set up 500 micro-farms in the states of Tamil Nadu, Telangana, and Andhra Pradesh.
According to a statement – the startup supplements the income of small landholding farmers through ready to implement micro-farms mainly in the areas of Animal Husbandry and fish farming.
Speaking on the funds raised, Prasanna Manogaran and Bharani C L, Co-founders, Aqgromalin said – “Our company plans to utilise these funds in improving and accelerating the implementation of micro-farms that is going to uplift the living of the farmers. Additionally, our plans to strengthen the technology backed platform will drive the business forward in the domain of agri-tech.”
The Co-founders added – “Animal husbandry and aquaculture have a huge growth potential in the coming years. With our Ready to Implement Micro Farms we are helping the small and marginal farmers also to diversify their portfolio and take advantage of the greater returns that this sector provides.”
“I believe the business model of Aqgromalin can become viral very fast and it has scalability across the world. The amount of groundwork and the hands-on approach of the team has given us immense confidence to invest,” said Parthiban Mohanasundaram, an investor.
-AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.