AgFunder and 6G Capital also participated in this round, along with existing investors Omnivore and HATCH. Based out of Chennai, Aquaconnect was founded in 2017 by Rajamanohar “Raj” Somasundaram, an IIT-K alumnus.
The digital platform helps fish and shrimp farmers maximize their income by connecting them with smart farm management tools, financial services and customers. Aquaconnect’s mobile app features predictive SaaS tools for pond management, which improve productivity and help farmers avoid disease risks.
This farm data intelligence is then leveraged by Aquaconnect’s omnichannel marketplace, allowing farmers to transact directly with farm input manufacturers, banks, insurance companies, and certification bodies. Finally, Aquaconnect’s post-harvest market linkage solution helps shrimp and fish farmers sell their traceable and certified produce to buyers across the globe.
Aquaconnect currently works with over 30,000 aquaculture farmers across Andhra Pradesh, Odisha, Gujarat, and Tamil Nadu. The plans are to use the funding to strengthen their GIS-enabled fintech product development and accelerate the volume of exports flowing through the platform. They intend to launch their Series A round in six to nine months. Raj, Founder-CEO, Aquaconnect, said, “The recent investment from marquee investors is a strong validation of our goal to become India’s largest aquaculture value chain aggregator, and will help us scale up in both size and scope. We will deploy the fresh capital to scale our farm advisory, financial services, and marketplace for seafood exports.” Anuradha Ramachandaran, Investment Director of Flourish, said: “Raj and his team have developed a platform that uses data and technology to help farmers maximise their income, access financial services and connect with customers.”