[Funding alert] Agritech startup AgroWave raises $500K from US-based investor
The three-year-old startup is using technology to connect farmers with businesses, and is clocking revenue of Rs 2.5 crore per month.
Gurugram-based AgroWave has raised close to $500,000 in funding from US-based investor Sekhar Puli. Started in 2017 by Anu Meena (now 26), an IIT Delhi alumni, AgroWave is working to build sustainable supply chain for fruits and vegetables.
AgroWave's process consists of establishing technology-driven mobile pickup stations (MPS) in villages at farm-gates from where they collect the farm produce. The farmers receive notifications on the app about the MPS timings and other information. Customised sorting, grading and packaging helps to maintain the quality. Due to free of cost on-time delivery with their tech-enabled logistics processes by trained professionals, the produce is delivered straight to the customers.
The company will use the funds to scale its mobile pickup station model in more villages and it is also building a price prediction model at the supply side for the farmers, for which the company will expand its technology team. Explaining about its prediction model, Anu said in a press release that the AgroWave mobile app will predict a price when the farmers will put a request to sell the produce.
"It’s important to build trust with farmers to work with them. Our mobile pickup station model MPS(s) is helping us build trust with small and medium farmers in rural areas. It is helping them to sell the produce easily in their own village through our mobile app. We are building farm to business mobility supply chain through an integrated network of mobile pickup stations at farm gates. We are focused to build strong technology to create more efficient supply chain," said Anu.
AgroWave plans to build more than 50 MPS(s) this year and is eyeing to raise funding of $10 million in the next one year to build 1,000 MPS(s) and utilise it in price prediction engine, smart route mapping, and data driven supply demand mapping systems.
Anu told that the company is clocking about Rs 2.5 crore monthly revenue and has onboarded more than 3,500 people from across regions such as Haryana, Punjab, Rajasthan, MP, UP, and Maharashtra. Earlier, AgroWave had raised an undisclosed amountof funding in 2017 from Daffodil Software Pvt Limited.
Edited by Kanishk Singh