Put up-harvest agritech startup Arya has raised $6 million pre-Collection B funding led by Omnivore and current investor LGT Lightstone Aspada. The latter was a part of Arya’s Collection A spherical again in December 2016.
The startup plans to make use of the funding to speed up the expansion of its agri storage community, construct its e-book in warehouse receipt financing, and create the foundations of a pan-India agri warehousing market. The corporate plans to launch its Collection B fundraising spherical by mid-2020.
Prasanna Rao, Co-Founder and CEO of Arya, mentioned: “Arya’s warehousing mannequin profitably serves the agri storage and financing wants of smallholders, FPOs, and companies in smaller rural markets. We’re delighted to have Omnivore be a part of our investor group alongside LGT Lightstone Aspada."
"With their expertise supporting technology-driven innovation in agriculture, Omnivore’s approaching board will strengthen our subsequent era work to additional enhance efficiencies within the post-harvest ecosystem.”
Arya can be launching a rural storage discovery platform, aiming to construct a pan-India agri warehousing market.
Jinesh Shah, Managing Companion of Omnivore, mentioned : "The Arya crew is reworking agri storage and financing throughout rural India, making small-scale warehousing viable on the village degree, which farmers desperately require. Omnivore is thrilled to companion with Arya and Aspada to make this revolution a actuality for all.”
This agritech startup based by IIT Delhi alumnus is serving over 55,000 farmers in Bihar, Uttar Pradesh, and Odisha
The platform gives post-harvest providers throughout the agricultural worth chain, together with warehousing, the receipt financing for the warehouses, collateral administration, market linkages, and rural storage discovery.
The warehousing receipt financing is completed via Aryadhan, its wholly owned NBFC subsidiary. Aryadhan gives credit score to farmers, FPOs, and SME aggregators (processors/merchants), who’ve saved agri commodities within the Arya warehouse community.
Its shoppers embrace farmers, farmer producer organisations (FPOs), monetary establishments, SME agri processors, commodity merchants, and company agribusinesses.
The Delhi-based startup claims to handle over 2.5 million MT of agri commodities at its 1,400 warehouses, with round 75 % of its warehousing capability situated in major and secondary (village and small mandi degree) markets.
Till 2013, Arya was a part of the JM Baxi Group.
Kushal Agrawal, Companion and CFO of Lightstone Aspada, mentioned: “Arya has efficiently demonstrated its distinctive capacity to serve the hitherto underserved warehousing and warehouse receipt financing markets in major and secondary geographies, and we look ahead to the expansion part of this enterprise alongside a like-minded investor comparable to Omnivore.”
(Edited by Teja Lele Desai)