Aqgromalin Raises INR 2 Cr Seed Funding From Angel Investors
The agritech startup aims to accelerate expansion plans in Tamil Nadu, Telangana, and Andhra Pradesh
Agritech startup Aqgromalin on Monday said to have raised a funding of INR 2 crore from angel investors participating from the Middle East.
It aims to utilize the capital in setting up 500 micro-farms in the states of Tamil Nadu, Telangana, and Andhra Pradesh.
"We are delighted that the investors have seen huge growth potential in our startup. Our company plans to utilize these funds in improving and accelerating the implementation of micro-farms that is going to uplift the living of the farmers. Additionally, our plans to strengthen the technology backed platform will drive the business forward in the domain of agritech," said Prasanna Manogaran and Bharani CL, co-founders, Aqgromalin, in a joint statement while commenting on the fundraising.
In the present market state of affairs, it has become exigent for farmers to adopt entrepreneurial strategies due to two major challenges: investments and market linkages. The Tamil Nadu-based company claims to supplement the income of small landholding farmers through ready to implement micro-farms mainly in the areas of animal husbandry and aquaculture.
"Animal husbandry and aquaculture have a huge growth potential in the coming years. With our ready to implement micro-farms we are helping the small and marginal farmers also to diversify their portfolio and take advantage of the greater returns that this sector provides," the co-founders added.
The agritech startup works on a conventional approach by making practices affordable and accessible to farmers. It integrates new-age technologies to help the farmers sustain in a multifunctional economy and strict market reforms. Its ready to implement micro-farm setups have helped the farmers record an increase of 100 per cent in their income.
"I believe the business model of Aqgromalin can become viral very fast and it has scalability across the world. The amount of groundwork and the hands-on approach of the team has given us immense confidence to invest," stated investor Parthiban Mohanasundaram, in a statement.
The agritech startup follows a comprehensive approach to help farmers utilize their existing farm assets and broaden their agricultural practices for better growth. Furthermore, the company provides access to necessary inputs and all required materials to immediately start operations including – extensive training for the cultivation of crops, raising farmer's awareness for the common diseases, and equipping them with expert skills to troubleshooting and increasing yield.
The company further maintains that it has designed an optional buy policy for the farmers at a fair market price. Moreover, it works closely with financial institutions to aid deserving farmers and improve their accessibility to a formal credit system to reduce the burden of interest on them.
Since 2019, the company has been associated with SERP (Society for Elimination of Rural Poverty), the Government of Telangana, TANUVAS (Tamil Nadu Veterinary and Animal Sciences University), and ICAR-CIBA (Central Institute of Brackish Aquaculture).