Agrowave, a Gurgaon-based agritech startup that is building a Farm2Business supply chain, has raised $2 million in a pre-Series A funding round led by Aroa Ventures and Ritesh Agarwal’s family office.
Anu Meena, an IIT Delhi alumni, founded Agrowave in 2017 with the goal of developing solutions for farmers who struggle to sell their produce at farm gates. The startup’s goal is to create 40,000 mobile touchpoints at farm gates in order to buy directly from farmers and sell to businesses. Its B2B mobile application allows retailers, restaurants, caterers, and other similar businesses to order fruits and vegetables.
The agritech startup will use this round of funding to focus on team expansion and scaling operations in order to achieve a monthly gross merchandise value (GMV) of more than Rs 100 crore. Agrowave has already achieved a GMV of approximately Rs 15 crore and a volume of 8000 tonnes by operating in over 150 villages by December 2021.
Aside from that, it intends to invest in algorithms to optimise first mile logistics for its integrated network of Mobile Pickup stations. The startup is currently based in Delhi-NCR, Haryana, Punjab, Uttar Pradesh, Madhya Pradesh, and Rajasthan. It intends to increase its presence in these markets.
According to Anu Meena, Founder & CEO of Agrowave, Agrowave is building solutions to enable farmers to sell their produce from their farm gates at better rates through its mobile application. “This funding will help us further expand our network of farmers, bring more transparency in the value chain, and most importantly positively impact the livelihood of farmers,” Anu said.
Speaking on the investment, Gaurav Gulati, Head & CIO of Aroa Ventures, said, “Small and marginal farmers are the backbone of this country and account for the majority of all farmers. Innovation and technology shifts in this sector are critical to ensure that they have access to the best markets and prices.”
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