In funding led by Endiya Partners and Accion Venture Lab an Andra Pradesh-based start-up Aquaculture fintech platform AquaExhange has raised $3 million (about Rs 23 crore). The said firm also witness the participation of existing investors in the funding round.
The tech-driven platform has been serving India’s multi-billion-dollar shrimp and fish ecosystem and is planning to deploy the capital in strengthening its technology, and e-commerce operations and expanding its farm automation footprint to over one lakh acres of farms by FY2, according to a statement given by a firm representative.
In the statement, the company said it has raised $3 million from Endiya Partners and Accion Venture Lab, AquaExchange's IoT-powered technology aims to help shrimp and fish farmers improve productivity and profits.
Started in 2020, the startup operates across the value chain through fintech enabled e-commerce platform that offers quality inputs at attractive prices directly from manufacturers.
Dr. Ramesh Byrapaneni, managing director of Endiya Partners, when commenting on the fundraising, said, “We are excited to back AquaExchange in their vision to transform the aquaculture landscape in India and globally to benefit a large number of aqua farmers. AquaExchange will not only help bring in efficiencies across the aquaculture value chain but also generate data-driven insights to bring in access to formal credit.”
Founder of AquaExchange Pavan Kosaraju, said, “the key focus is on adding value to the aquaculture farming process through the use of advanced technology.”
AquaExchange has got patent rights for its power management tool-PowerMon and feed management tool-AquaBot. PowerMon helps farmers in monitoring their farm and controlling aeration with the help of a mobile app whilst AquaBot allows farmers to efficiently feed their ponds and, maintain good feed conversion ratios.
Earlier this year, AquaExchange merged with NextAqua’s founders Kareem and Kiran.