In its Series B funding round, the agritech startup Ergos has raised $10 million through a combination of equity and debt. Abler Nordic, a company based in Norway, organized the funding round with the help of pre-existing investors like Aavishkaar Capital, Chiratae Ventures, and Trifecta Venture Debt Fund.
Bengaluru-based By digitising grain storage, Ergos helps farmers turn their grains into traded digital assets as well as sell at the right times. On its buyer’s platform, farmers can access markets, store grain safely in warehouses, and get affordable financing from partner lenders.
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“There is a pressing need to revitalise agriculture by empowering farmers and catering to their needs at the farmgate. Ergos’ Grainbank platform enables farmers to take optimal decisions on sales/storage of their produce, access credit from banks as well as get access to competitive prices through planned liquidations,” said Kishor Jha, founder and chief executive of Ergos.
As of right now, Ergos asserts that its platform supports more than 160,000 farmers and that it operates an actual chain of farm-gate warehouses known as Grainbank in more than 200 locations.
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“Our Investment in Ergos demonstrates Abler Nordic’s approach of investing in a wide range of innovative, inclusive solutions that help build financial and climate resilience. Ergos is helping solve the problem that many farmers in India increasingly face — produce spoiling due to lack of access to quality storage, affecting both the farmers’ income and general food security,” said Arthur Sletteberg, managing director of Abler Nordic.
About Ergos
The Ergos Grainbank platform gives farmers control over when, how much, and at what price to sell their produce, allowing them to maximise their income.
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