Arya, an agri post-harvest services platform, announced it has raised $6 million (about Rs 43 crore) in pre-Series B funding from venture capital firm Omnivore. Existing investor LGT Lightstone Aspada also took part in the funding round.
As per the company statement, it will use the funding to accelerate the growth of their agri storage network, build their book in warehouse receipt financing, and lay the foundations of a pan-India agri warehousing marketplace. Arya plans to launch its Series B fundraising round by mid-2020.
“Omnivore’s coming on board will strengthen our next generation work to further improve efficiencies in the post-harvest ecosystem,” Arya CEO and Co-founder Prasanna Rao said.
Jinesh Shah, Managing Partner of Omnivore, said : “The Arya team is transforming agri storage and financing across rural India, making small-scale warehousing viable at the village level, which farmers desperately require. Omnivore is thrilled to partner with Arya and Aspada to make this revolution a reality for all.”
Existing investor LGT Lightstone Aspada had earlier invested in the company’s Series A funding in December 2016. Arya currently manages over 2.5 million tonnes of agri commodities in its 1,400 warehouses. Also, around 75 per cent of its warehousing capacity is located in primary and secondary markets. Arya is also launching a rural storage discovery platform aiming to build a pan-India agri warehousing marketplace. Until 2013, Arya was part of the JM Baxi Group.
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