Agritech startup Ergos recently announced that it has raised ₹35Cr in a Series A funding round from Aavishkaar Capital, the investment arm of Aavishkaar Group.
It is being said that the Series A funding is expected to be a part of a larger INR 100 Cr round which will see participation from Aavishkaar Capital and an undisclosed tech venture capital fund.
Aavishkaar Capital had invested in Ergos in 2015 at the ideation stage and has worked with the promoters in scaling the company.
Founded by Kishor Jha and Praveen Kumar, Ergos has been building a GrainBank model that has been piloted in Bihar. The model enables farmers to digitize their foodgrain and also provides doorstep access to end-to-end post-harvest supply chain solutions to farmers.
“With the right amount of investment and strong institutional backing, we have the ability to make the prime minister’s vision of doubling the farmer income come true in a much shorter span. Our focus is to build this grain bank to serve post-harvest requirements of all farmers with a focus on small and marginal farmers,” Ergos Co-Founder and CEO Kishor Jha said.
With Aavishkaar Capital’s backing and other investors to join, the intent is to rapidly scale into nearby states and serves more than a million farmers by 2025 with over 2,000 branch locations, he added.
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