Blockchain-led agritech startup Agri10x has raised undisclosed funds in seed round from Omnivore.
Omnivore is a venture capital firm, based in India, which funds entrepreneurs building the future of agriculture and food systems. The company backs over 20 startups since 2011.
“Agri10x is providing farmers with direct access to multiple buyers across India, which will ensure competitive pricing and transparency for all parties involved. In addition, by helping farmers to receive better pricing for higher quality, incentives are aligned for them to grow better quality food for all.” – said Jinesh Shah, Managing Partner at Omnivore.
Commenting on the investment, Pankajj Ghode, Co-founder and CEO of Agri10x, said, “Indian farmers face huge challenges bringing their produce to market and often receive suboptimal pricing as a result. The platform we are building at Agri10x will address many of these challenges and help farmers improve their incomes substantially. We are excited to partner with Omnivore as we streamline agricultural value chains across India while supporting farmers.”
The Pune-based startup will utilise the fresh funds raised to augment to eight more states along with on-boarding one million farmers while also offering technology based financial solutions to buyers with the help of NBFC partnerships.
The blockchain and AI-enabled startup also aims to increase its exports operations in Southeast Asian countries and in the Middle East to help the Indian farmers enter into new markets.
-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.