New Delhi: Agritech startup Ergos has received Rs 22.5 crore from United Kingdom’s CDC Group to close its Rs 81-crore Series A funding round.

The Bengaluru-based company had previously raised Rs 35 crore from Aavishkaar Capital and Rs 23.5 crore from Chiratae Ventures in March and October, respectively, as part of the same funding round.

Ergos is building a grain-bank model, which is being piloted in Bihar. It enables farmers to digitise their foodgrain output and provides them doorstep access to end-to-end post-harvest supply chain solutions by leveraging its technology platform.

The Ergos platform operates like a bank and offers storage, digitisation, credit and liquidation facility to farmers and has consistently helped them achieve significantly higher incomes for their produce.

“We are building Ergos primarily to extend post-harvest support to small and marginal farmers on storage, credit and market linkages at the farm-gate,” said Kishor Jha, founder and chief executive officer at Ergos. “We are leveraging technology to empower farmers and enable them to be key decision-takers with respect to their crop produce.”

The agritech startup supports more than 25,000 farmers on its digital platform and has a physical footprint in 80 locations.

“We are extremely excited to have CDC on board, and along with the continued support from Chiratae Ventures and Aavishkaar Capital, we intend to rapidly scale our geographic footprint and remain steadfast in our desire to cater to millions of farmers directly at farm-gate over the next few years,” Jha said.

News Of India


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