Aquaconnect, an aquaculture platform, has raised USD 15 million (about Rs 120 crore) from investors to expand its business.
The company raised this amount in a Series A funding round led by Lok Capital, with participation from Louis Dreyfus Company Ventures and Suneight Investment. Existing investors also participated in the round. Aquaconnect will use the fund to strengthen its portfolio of scalable solutions that use AI and satellite remote sensing and widen its service offerings in both the pre-harvest and post-harvest aquaculture value chain to input retailers, seafood buyers and other stakeholders, a company statement said.
Currently, the company has a network of over 500 rural entrepreneurs, who provide last-mile assistance, serving over 90,000 fish and shrimp farmers. In July last year, Aquaconnect raised USD 4 million in a pre-Series A round. Aquaconnect uses satellite remote sensing and artificial intelligence to enable aquaculture farmers, retailers, and seafood buyers to increase access to formal credit, farm inputs and post-harvest markets.
Pingback: Govt committed to strong macroeconomic fundamentals, financial stability: Finmin Report