Lightrock India-backed Arya.ag, an integrated grain commerce platform has completely acquired AI-agriculture company, Prakshep for an undisclosed amount.
The acquisition is aimed at augmenting artificial intelligence and machine learning (AI/ML) capabilities for agricultural digitization, crop monitoring, quality assays and monitoring.
With this acquisition, it will help Arya deepen its ties with other agri-chain stakeholders such as processors, banks, and insurance companies.
Noida-based Arya.ag was originally part of the JM Baxi Group, in 2003, Cofounders Prasanna Rao, Chattanathan Devarajan and Anand Chandra acquired a controlling stake in Arya.
“With the acquisition we look at traceability coming in right from the farm level itself. So, when a buyer comes in to purchase the commodity on the platform, they exactly know where they’re coming from, what has been the upkeep of the crop from the field onwards, and that is one area that we have got our hands on with the acquisition of Prakshep,” said Prasanna Rao, founder, Managing Director, Arya.ag.
“Arya is currently developing India’s first public agriculture blockchain ledger. Prakshep’s deeptech experience and expertise will further add farm-level integration and preload comprehensive historical agricultural activity data into Arya’s blockchain ledger,” Rao added.
The company said the acquisition is in line with Arya’s focus on a climate-smart agriculture model with low carbon footprint.
Bengalore-based AI-focused agriculture firm Prakshep’s model has facilitated 45% reduction in crop damage, 40% reduction in chemical use, 35% reduction in water use and 30% reduction in GHG (Greenhouse Gas Emission) emissions. Climate-smart agriculture is relevant to the challenges of food security and climate change.
In December 2020, Arya.ag had raised $21 million as a part of its Series B funding round from Quona Capital, LGT Lightstone Aspada and Omnivore.
Avijeet Singh, CEO of Prakshep, said, ” The transformation brought about by digital technologies in the conventional agriculture ecosystem while seemingly overwhelming has just scratched the surface. Through this partnership, we will be able to provide our users many more new offerings based on data, scientific research and analytics creating trust and transparency in all our transactions.”
Arya is India’s leading Agritech which has been working at the farmgate to strengthen agriculture value chains through its integrated range of services. Driving technology through a human-centered approach, Arya’s Agritech and Fintech platform leverages technology to bridge the Last Mile. Through its profitable business model with over 5.0 million tonnes of storage capacity across 5,500 warehouses in 21 Indian states, Arya helps farmers, aggregators, Farmer Producer Organisations, food processors and end-user corporates avoid post-harvest losses.
Powered through its platform, Arya.ag, it efficiently connects the supply side of the Agri ecosystem with the demand side through a comprehensive portfolio of agri-services. Arya assists sellers of agri-commodities to avoid distress sale of produce by extending post-harvest credit. It has completed loan disbursements of over Rs 4400 Crores. It’s integrated and easy-to-use platform also helps users to choose ancillary services like warehouse management, access to finance, quality testing, storage protection services, and connects produce to buyer through a robust technology-enabled back-end ecosystem.
Prakshep Private limited is an agriculture data science company, working with enterprises to help achieve profitability using data. They work towards automation of less productive work in agriculture, starting from geofencing & survey.
They leverage satellites, drones, vehicle sensors & have the pipeline to develop specific neural networks to help your business generate & infer multitude of data.
They provide –
- The most comprehensive farm surveillance.
- Innovative machinery on rent to farmers for Crop Care
- Descriptive forecasting services