Pune-based startup BharatAgri on Wednesday said it has raised $2 million from a clutch of investors, including Binny Bansal-backed 021 Capital and India Quotient, for expansion.
The existing investor's Better Capital and Ajay Prabhu (COO, Quest Global) also participated in this round, a company statement said.
In the pre-series A round, BharatAgri said it has raised $2 million (about Rs 14 crore).
"The company plans to use the fresh funds on product enhancement and growth, besides expanding its footprint across India," the statement said.
BharatAgri was founded in April 2017 by IIT Madras alumni Siddharth Dialani and Sai Gole, and later joined by core team members Aman Verma and Tanmay Krishna in 2019.
BharatAgri's technology solution provides personalised agriculture and farming advisory to farmers.
With over 350,000+ users, BharatAgri offers paid subscriptions to farmers for the consultancy services.
Using BharatAgri's Krishi Doctor, an intelligent farm advisor, farmers have witnessed over 40 per cent increase in yield and a significant reduction in management costs, the company claimed.
Agri-input companies and financial institutions market their products through BharatAgri platform.
On the revenue model, BharatAgri said its users - who are mostly medium to large scale farmers - pay a subscription fee for personalised advisory services.
That apart, crop input and procurement companies pay a transaction or listing fee to get access to BharatAgri premium users.
In the next two years, BharatAgri looks to scale to 5 million farmers and 5,00,000 premium subscribers.
Premium subscribers will get access to financial services like loans and insurance; crop input access and farm to market services, the statement said.
Published 28 October 2020, 13:23 IST