Agri-tech startup LeanAgri raises seed funding from India Quotient, others Agri-tech startup LeanAgri raises seed funding from India Quotient, others
LeanAgri will use the funds raised in expanding its base by increasing the number of farmers in Maharashtra, Andhra Pradesh and Karnataka.
LeanAgri, an agritech startup has raised funding in its seed round and though the actual amount that came in as investment is not disclosed, the key investor in this round is India Quotient. Some angel investors too, appear to have invested. AngeList India Syndicate, Sachin Oswal, Ajay Prabhu and Hari Balasubramanian are the other entities that participated in this seed round funding for LeanAgri. While Sachin Oswal is the co-founder of Infibeam, Prabhu is the COO of Quest Global. Lean Agri boasts of crop cultivation models that can help the farmers two-fold. One is they can assist in ramping up the crop production per acre by 30% to 40% and the other is to bring down the cost of production for the farmer by around another 15%-20%. This should prove to be a win-win situation for the Indian farmers since the sector is reported to be reeling under severe crisis.
LeanAgri claims it has around 4,000 farmers who have signed up as its clients in the limited geography it is operating in, the states of Maharashtra, Andhra Pradesh and Karnataka. The company says it has practically proven to these farmers that its formula works and yields the results. Now the funds it has raised will be used in expanding the base by increasing the number of farmers LeanAgri is servicing within these three states itself. Some work on developing the product and service the startup is offering will also be carried out. Besides individual farmers, LeanAgri has a B2B model as well, working with the state governments and also fertilizer companies and banks. The farmers need to pay for availing the services from LeanAgri. Interestingly, the agritech startup had received a sum of $50,000 from Travis Kalanick, the CEO of Uber, as a pre-seed fund. There have been other startups in the agrtitech segment that have also raised funds recently; these include AgNext, in Punjab, NinjaCart and AgShift Inc.
Source : thenewsminute
Published on: March 20, 2019