$4 million (INR 33 crore) was secured by Chennai-based aquaculture firm Aquaconnect in a Pre-Series B fundraising round headed by S2G Ventures.
With the additional funds, the business plans to increase its operations and national reach. During the following six months, the funds will also be used to expand into other markets and expand the product line, as reported by Inc42.
Farmers in the six main production states can obtain farm inputs and advice by utilizing the last-mile connectivity offered by its Aqua Partners network, which consists of dealers of farm products.
Through their AquaBazzar program, they are also facilitating direct post-harvest connections between seafood buyers and farmers, assisting them in selling their produced produce to better realize its worth. Through its AquaCRED program, it offers retailers and seafood purchasers official credit to help them meet their working capital needs and grow their businesses.
Renowned investors including AgFunder, Omnivore, Suneight Investments, Louis Dreyfus Company Ventures, and Rebright Partners are also backing the startup.
Founded in 2017 by Rajmanohar Somasundaram, Aquaconnect is a full-stack aquaculture technology platform with embedded fintech, supported by a phygital distribution network. They are pioneering the use of AI and satellite remote sensing to bring transparency and efficiency to the seafood value chain.