AquaExchange, an aquaculture fintech startup, has raised $3 million in its Pre-Series A funding round from Endiya Partners and Accion Venture Lab.
The round also saw participation from its existing investors.
The startup plans to use the funds to expand its farm automation services as well as strengthen its technology and ecommerce operations.
The Andhra Pradesh-based AquaExchange was founded in 2020 by Pavan Kosaraju, It helps aquafarmers improve productivity, and provides a fintech-enabled ecommerce platform, farm automation and monitoring tool called NextAqua, and a market linkage platform that allows smallholder farmers to accurately price their crop and sell it in the market.
The startup envisions revolutionizing aquafarming in India and around the world, and aims to provide farm automation services to over 1 lakh acres of farms by FY23.
“At AquaExchange, the key focus is on adding value to the aquaculture farming process through the use of advanced technology. Our IoT devices and automatic feeders have been installed at scale and are helping farmers with higher efficiencies in terms of aeration and feed management while at the same time providing RoI within the first quarter of usage”, said, Pavan Kosaraju, founder of AquaExchange.
The company’s core team has experience working in growth-stage startups, consulting, industrial design and manufacturing.
It has got the patent rights for its power management tool – PowerMon and feed management tool – Aquabot.
Its tool PowerMon helps farmers to monitor and control aeration of their farm through a mobile app, while Aquabot allows farmers to feed their ponds efficiently and, meanwhile, maintain a good feed conversion ratio.
“We are excited to back AquaExchange in their vision to transform the aquaculture landscape in India and globally to benefit a large number of aqua farmers. AquaExchange will not only help bring in efficiencies across the aquaculture value chain but also generate data-driven insights to bring in access to formal credit”, said, Dr Ramesh Byrapaneni, managing director of Endiya Partners.
AquaExchange aims to bring transparency, efficiency and enhanced yield through innovative ideas and practices across the value chain in Aqua sector comprising of shrimp and fish farming.
AquaExchange is marketplace mobile app for connecting Aqua Farmers with aquaculture input providers like hatcheries, feeds, etc. and also the aquaculture market research providers and consultants.