Agrix Agrotech on Monday said it has received growth capital from Lead Angels Network and will use the fund to support business growth and scale existing operations. The agricultural technology startup said in a release it will also use the capital to firm up technology platforms, farmer engagement and build brand awareness.
“The investment will enable Agrix to further strengthen its position among the farmers. With this investment we will be able to increase our coverage to more than 20,000 acres of fragmented farms providing farming services (machinery and inputs) and market linkages and adding sophisticated technology with further scale up,” Agrix founder and CEO Nilay Pandey.
Agrix said it takes an integrated approach to engage and empower the small and marginal farmers. The company said it also involves and empowers the farmers across the agri-value chain.
“Clustering allows small farmers to access best farming practices despite the scale disadvantage. This has enabled a fragmented 1 to 2 acre farmer to deploy combined harvesters, tractors, rotavators and various agri implements at affordable cost, using best quality agri inputs thereby improving yield, quality, timely harvest and best realizations. The business model has solid unit economics and good profitability,” the company said.
“The agritech sector, though a slow starter, is expected to churn out a couple of unicorns within the next 18 months. Current market provides ample room for enhancing efficiencies across mechanisation of farms, supply chain, market linkages among others,” Sushanto Mitra, the founder and CEO of Lead Angels Network, said.
“Agrix is clearly operating in some of the white spaces that provide interesting investment opportunities for early stage investing,” Mitra added.
Syndicated From Hindustan Times