Agritech startup Bijak raises nearly $20 Mn in Series B

Bijak, an agritech startup, has raised Rs 144.2 crore (nearly $20 million) in Series B funding from new and existing investors. The new funds come after a more than 20-month wait for the Gurgaon-based startup.

Surge Ventures, a subsidiary of Sequoia Capital India, Omidyar Network, and others invested $12 million in Bijak’s Series A round in April 2020.

Bijak has approved the distribution of 393 equity shares and 2350 Series B preference shares in order to raise Rs 144.2 crore (approximately $20 million) from five investors.

Bertelsmann led the investment with Rs. 98.64 crore, followed by Omidyar with Rs. 22.8 crore. RTP Global, Surge Ventures, and Better Capital have each invested Rs 15.2 crore, Rs 5.7 crore, and Rs 1.9 crore.

The company was reportedly in talks to raise $35 million at a valuation of $220-250 million.

Bijak, a three-year-old agricultural trade platform founded by Nukul Upadhye, Mahesh Jakhotia, Jitender Bedwal, Daya Rai, and Nikhil Tripathi, is a B2B trade platform. The platform allows traders, wholesalers, and food processors to keep a record of their transactions while also providing access to transparent pricing, logistics, and loans.

According to the company’s website, it has a presence in over 27 states including Maharashtra, Uttar Pradesh, Madhya Pradesh, Punjab, Bihar and it deals in more than 110 commodities.

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