Of the total capital, Chiratae Ventures led the round with INR 23.5 crore while Aavishkaar Capital invested an additional INR 15 crore
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Agritech startup Ergos has raised INR 38.5 crore in Series A funding round from Chiratae Ventures and Aavishkaar Capital.
Of the total capital, Chiratae Ventures led the round with INR 23.5 crore while Aavishkaar Capital invested an additional INR 15 crore.
The equity round is expected to reach INR 80 crore with another institutional investor set to pump more capital in the startup, as per the company’s official statement.
Ergos has been working on a unique farm-gate based technology driver Grainbank model for the small and marginal farmers in India. The start-up supports more than 20,000 farmers on its digital platform and has a physical footprint in more than 60 locations in Bihar.
“We are building the Ergos Grainbank to serve small and marginal farmers by leveraging technology and data science to disrupt the way farmers deal with their produce. We are extremely excited to have Chiratae on board and along with the continued support from Aavishkaar Capital, we intend to rapidly scale our geographic footprint and remain focussed to service farmers directly at farm-gate at over 2,000 Grainbank locations over the next few years,” said Ergos founder and chief executive officer Kishor Jha.
The model provides farmers with doorstep access of end-to-end post-harvest supply chain solutions by leveraging a robust technology platform to ensure seamless service delivery. The tech platform functions like a bank and offers storage, digitisation, credit and liquidation facility to farmers through the single platform over