Agrizy Raises $4 Million Seed Funding Led By Ankur Capital
Funds will be utilized to build strong business and engineering teams, develop a suite of digital services for the processed agriculture marketplace and ramp up customer traction in targeted value chains across various locations in India
Agritech startup, Agrizy, announced on Monday to have raised $4 million in a seed funding round led by Ankur Capital. This round also saw participation from Omnivore and notable angels like Rajesh Yabaji, Zetwerk's co-founders Srinath Ramakkrushnan, Amrit Acharya, Rahul Sharma, and Vishal Chaudhary, among others. Funds will be utilized to build strong business and engineering teams, develop a suite of digital services for the processed agriculture marketplace and ramp up customer traction in targeted value chains across various locations in India. The startup will use the funds to build out the product and accelerate business in targeted value chains.
"There is a lot of untapped potential in the way agri processing units can leverage technology to grow and thrive. Agrizy offers solutions across digital vendor management, and supply and value chain automation to its agri processing units. We are sustainably growing our business by 100% month-on-month from inception," said Saket Chirania, Co-Founder, Agrizy.
According to a statement given by the company, the value of food grains production in India is projected to be nearly half a trillion dollars by 2025. Logistics for agricultural trade remains disaggregated, with high dependency on middlemen for last-minute fulfillment. According to a report by Bain and Co. The agritech market is set to be valued at $35 billion by 2025.
"We have been keenly following the $500 billion agri commodity space, seeing the potential for large opportunities to get unlocked. We see Agrizy building a platform that can enable better price realization, expand business footprint across locations and unlock value for SMEs by enabling formal credit," said Krishnan Neelakantan, partner at Ankur Capital.
Founded in September 2021 by Vicky Dodani and Saket Chirania, Agrizy is developing a tech-first platform to bridge the processed agri supply chain. The tech platform connects the processors and buyers of non-perishable farm products across both food and non-food categories like jute, oilseeds, cereals, pulses, and others to optimally discover and fulfill transactions. Agrizy is the first investment by Ankur Capital through their India Pitch Fest program