Aquaconnect, the tech-driven aquaculture-focused startup, has raised Rs 60 crore in venture debt round of funding from Trifecta Capital.
The startup plans to use the funds to enhance its presence across India by expanding its network of Aqua partners & expand the scale of operations and scale up its post-harvest market linkage solutions. These franchise stores provide fish and shrimp farmers with access to quality input products.
“At Aquaconnect, our aim is to make the aquaculture value chain more efficient and transparent while increasing value realisation through tech intervention. The fresh round of capital will help us achieve this goal”, said, Rajamanohar Somasundaram, Founder and CEO of Aquaconnect.
Chennai-based startup was founded in 2017 by Rajamanohar Somasundaram, Aquaconnect is a full-stack aquaculture technology enterprise that provides data-driven agricultural advice and market solutions to fish and shrimp farmers through artificial intelligence and satellite remote sensing technologies.
“Aquaconnect is a pioneer in the aquaculture sector and is digitizing the entire value chain connecting farmers with input manufacturers and institutional buyers. In the process, they are facilitating aquaculture farmers to realise better prices for their products and providing access to high-quality inputs at fair prices. India is among the top three seafood producing countries and yet the sector is largely unorganized”, said, Nilesh Kothari, Managing Partner, Trifecta Capital.
It works with 35,000+ fish and shrimp farmers to help them to increase their productivity using AI-enabled tools.