[Funding alert] Unnati raises Rs 60 crore from Incofin, NabVentures and Orios

Unnati aims to utilise this fresh round of capital to strengthen its tech platform and expand its network.

Unnati, a fintech-oriented startup focused on the agriculture sector, has raised Rs 60 crore in a series A round of funding from Incofin Investment Management, NabVentures, and Orios.

Unnati will use this fresh capital to augment its tech infrastructure and increase its uStore network. This startup is enhancing its technology platform by adding a wide range of new features to its farmer and retailer apps, including the introduction of artificial intelligence-led features related to farm diagnostics, farming lifecycle management, supply chain management for partners etc.

Unnati Co-founders Amit Sinha (L) and Ashok Prasad

The company is investing heavily into AI and Machine Learning platforms for bringing the latest digital tools to farmers and uStore partners.

Commenting on the funding, Ashok Prasad, CEO and Co-founder of Unnati, said, “Unnati has been committed to enhancing the lives of farmers as well as our retail partners through technology solutions. Unnati has built several innovative solutions to enable farmers and retailers to grow and scale their business, and our growth trajectory has been remarkable so far.”

According to Unnati, it has served more than three lakh farmers through its network of 20000 plus uStore network. It has been digitising agri-input retailers, traders and other ecosystem players.

Unnati platform with its partner network offers digitally enabled services to farmers helping them improve their farm incomes. It has grown more than 15x over the last 12 months owing to an increase of its platform usage.

“We are delighted to partner with the high performance founders- Ashok and Amit of Unnati Agri as they scale a tightly knit strategy of an integrated rural ecosystem of knowledge based farm input advisory, financial inclusion and supply chain integration through the use of technology,” said Rahul Rai, Partner, Incofin India.

Unnati is also looking at geographical expansion to Haryana, Andhra Pradesh, Madhya Pradesh, Rajasthan and further its reach into Uttar Pradesh, Bihar, and Maharashtra.