[Funding alert] Agritech startup Aqgromalin raises Rs 2 Cr from angel investors

Agritech startup Aqgromalin on Monday said it has raised Rs 2 crore from angel investors participating from the Middle East.

The company aims to utilise the capital in setting up 500 micro-farms in the states of Tamil Nadu, Telangana, and Andhra Pradesh, it said in a statement.

Aqgromalin supplements the income of small landholding farmers through ready to implement micro-farms mainly in the areas of Animal Husbandry and Aquaculture.

Prasanna Manogaran and Bharani C L, Co-founders of Aqgromalin said:

"Our company plans to utilise these funds in improving and accelerating the implementation of micro-farms that is going to uplift the living of the farmers. Additionally, our plans to strengthen the technology backed platform will drive the business forward in the domain of agri-tech."

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“Animal husbandry and aquaculture have a huge growth potential in the coming years. With our Ready to Implement Micro Farms we are helping the small and marginal farmers also to diversify their portfolio and take advantage of the greater returns that this sector provides,” the Co-founders added.

Aqgromalin, which was founded in 2019, has presence in Tamil Nadu, Andhra Pradesh, and Telangana. It aims to supplement the income of small landholding farmers through ready to implement micro-farms. It makes access easier for various agricultural implements and technology.

The agri-tech startup follows a comprehensive approach to help farmers utilise their existing farm assets and broaden their agricultural practices for better growth.

Furthermore, the company provides access to necessary inputs and all required materials to immediately start operations including extensive training for the cultivation of crops, raising farmers' awareness for the common diseases, and equipping them with expert skills to troubleshoot and increase yield, the statement said.

The company has designed an optional buy policy for the farmers at a fair market price. Moreover, it works closely with financial institutions to aid deserving farmers and improve their accessibility to a formal credit system to reduce the burden of interest on them.

(Disclaimer: Additional background information has been added to this PTI copy for context)