Agrix Agrotech — a Patna-based precision and digital farming startup — on Tuesday said it has raised an undisclosed fund from various investors, including Maple Capital Advisors.
"Abhinav Grover, Director at Maple Accelerator, and Samarth Agrawal, Founder of MaxWholesale, also participated in this round. Pankaj Karna, Founder and CEO of Maple Capital Advisors, will join the board of the company," a statement said.
Agrix plans to use the funds to scale existing operations and further strengthen its operations and technology platform.
Founded in June 2020 by Nilay Pandey, Saurav Singh, and Vivek Kumar— all of whom hail from farming families in Bihar. Nilay has a PhD from IIT-Delhi, and his co-founders Saurav and Vivek, are computer engineers.
The startup focusses on farming-as-a-service (covering farm machinery and agri input services) and provides market linkages, especially for fragmented farm owners.
Agrix App will soon be available on mobile web and users can also access the platform through www.agrixagro.com.
"With this investment, we will be able to cover at least 6,000 acres of fragmented farms, providing farming services (machinery and inputs) and market linkages, and adding sophisticated technology with further scale-up," Pandey said.
At present, the startup covers over 4,000 acres, catering to 4,000-plus farmers in more than 20 villages in Bihar.
Commenting on the investment, Pankaj Karna, Managing Director of Maple Capital Advisors, said,
“We are delighted to partner with Dr. Nilay and the team at Agrix. Their passion and commitment to contribute back to the fragmented farmer and vision on technology motivated us to partner, invest, and help accelerate their business plan. We believe the market is huge and a few have the lineage and motivation to make a difference at the ground level, as we have seen in this team. The business has very sound unit economics at the cluster level too.”
(Disclaimer: Additional background information has been added to this PTI copy for context)
Edited by Suman Singh
Link : https://yourstory.com/2020/10/funding-agritech-startup-maple-capital-advisors-agrix-patna
Author :- Press Trust of India ( )
October 28, 2020 at 12:34PM
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