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Image: Aquaconnect / FIS
Chennai-based Aquaculture Platform Aquaconnect to Scale Operations Across India With USD 4 million Funding
(INDIA, 2/1/2024)
Aquaconnect, a Chennai-based full-stack aquaculture platform, has made headlines by raising ₹33 crore (USD 4 million) in a Pre-Series B funding round led by S2G Ventures.
As per the startup, the freshly raised capital will enable the startup to further scale its operations and enhance its coverage of the major aquaculture production states in India.
Aquaconnect | Aquaculture Tech Platform
Founded by Rajamanohar Somasundaram in 2017, Aquaconnect is a Chennai-based full-stack aquaculture tech platform that uses AI & satellite remote sensing to bring transparency and efficiency to the aquaculture value chain. The startup provides data-driven farm advisory and marketplace solutions to fish and shrimp farmers through artificial intelligence and satellite remote sensing technologies.
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Powered by deep learning models, the startup leverages geospatial data to democratize pond boundaries, validate between fish & shrimp ponds, and predict the days of culture. This intelligence enables Aquaconnect to predict the demand for farm inputs and the supply of harvest produce, scaling from the individual pond level to the village and even the national level.
Speaking about the development, Rajamanohar Somasundaram, Founder & CEO of Aquaconnect, highlighted that the funding has come at a critical juncture as the startup gears up for its next phase of growth, with aims to capture new opportunities and an intense focus on expanding its operations in major markets.
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Source: Aquaconnect
Statement from the Investor
Commenting on the development, Kate Danaher, Managing Director at S2G Ventures, said,
“Aquaconnect’s full-stack solution is revolutionizing aquaculture in India through reliable access to a diverse set of farming input products, working capital financing, marketplace commerce, and streamlined logistics.”
Providing its services across the entire value chain of aquaculture, the startup claims to offer feed supplements, probiotics, minerals, disinfectants, and aerators with free doorstep delivery across India.
Aquaconnect’s Aqua Partners network (farm input retailers) provides last-mile connectivity in the six major production states to enable farmers’ access to advisory and farm inputs. It enables direct post-harvest linkages between farmers and seafood buyers through our AquaBazzar program, helping them sell their harvested produce for better value realization. Additionally, its AquaCRED program provides formal credit to retailers and seafood buyers to ease their working capital needs and upscale their businesses.
Recently, the Chennai-based startup has expanded its footprint in West Bengal, Uttar Pradesh, and Assam. It claims to have achieved 4x revenue growth in the last fiscal. In December 2022, Aquaconnect raised $15 million (around Rs 127 crore) in Series A funding led by Lok Capital.
Source: The Startup Lab
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Information of the company:
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Address:
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Type II/17, Phase 1, Dr.VSI Estate, Phase 1, Vikram Sarabhai Instronics Estate, Thiruvanmiyur,
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City:
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Chennai,
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State/ZIP:
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Tamil Nadu (60004)
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Country:
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India
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Phone:
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+91 1800 123 1263
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E-Mail:
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[email protected]
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Skype:
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https://www.instagram.com/aquaconnect_blue/
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