Saturday, October 1, 2022
HomeInsightFunding Alert Agritech startup Agrizy raises $4 mn in funding

[Funding alert] Agritech startup Agrizy raises $4 mn in funding

Agritech startup Agrizy
Agritech startup Agrizy

Agrizy, an agri-tech startup has raised $4 mn (around Rs 30 crore) in seed funding round from Ankur Capital, with participation from Omnivore and angel investors like Rajesh Yabaji (CEO, BlackBuck), Zetwerk’s cofounders Srinath Ramakkrushnan, Amrit Acharya, Rahul Sharma, and Vishal Chaudhary among others.

The startup plans to use the funds to grow its business and engineering teams. It will also invest funds to develop a digital services suite for the processed agriculture market and increase the number of customers.

Bengaluru-based agritech startup was founded in September 2021 by Vicky Dodani and Saket Chirania, Agrizy is developing a platform to bridge the processed agri supply chain.

The startup claims to connect processors with potential buyers dealing in non-perishable agricultural products in both food and non-food categories such as oilseeds, cereals, pulses, jute, and others. It aims to support agricultural processors with digital solutions and their own logistics partners to facilitate trade.

“The recent round of funding from two notable funds investing in agritech reinvigorates our vision of transforming the processed agri supply chain.”, said, Vicky Dodani, cofounder of Agrizy.

According to the company, the value of foodgrain production in India will reach close to $500 billion by 2025. However, the industry structure and immediate supply chain are largely disorganized, with 2.5 million units employing 7 million people nationwide.

“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% MOM from inception.”, said, Saket Chirania, co-founder of Agrizy.

The startup is looking to capture value in this segment for this reason, as the logistics for agribusiness are vastly different and largely dependent on middlemen and last-minute fulfillment.

The company said it is focusing on these value chains and creating a platform that will streamline transactions between aggregators, FPOs, farmers, and processors, including facilitating formal credit for these small businesses.



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