Ergos Business Solutions, a transformational bank for the farmer which leverages technology to seamlessly provide custodial services (warehousing, loans, & market-linkages) thereby enabling the farmer to convert his produce to a financial asset, has announced that it has raised Rs 38.5 crore in Series A funding. The funding round was led by Chiratae Ventures and Aavishkar Capital.
Founded in 2012 by Kishor Kumar Jha and Praveen Kumar, the startup said it works with small farmers, and over the past five years has been able to help them improve their incomes.
“We are building the Ergos Grainbank to serve small and marginal farmers by leveraging technology and data sciences to disrupt the way farmers deal with their produce. We intend to rapidly scale our geographic footprint…at over 2,000 Grainbank locations over the next few years,” said Kishor Jha, founder and CEO at Ergos.
The company said it currently supports over 20,000 farmers on its platform and has a physical presence in over 60 locations across the state of Bihar. It also provides farmers with a post-harvest supply chain solution that utilises technology to ensure seamless delivery.
“Ergos is bridging the large gap between the selling price of produce and the realisation of farmers at the farm-gate by using technology to facilitate credit and market linkages to the grains stored with it,” said TCM Sundaram, founder and MD at Chiratae Ventures.
“Ergos is expected to capitalise on its early lead to become a market leader that creates sustainable development to the farmers’ life,” added Sundaram.
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