Agritech company Agrowave raises $2 million led by Aroa Ventures & Others

Agritech company Agrowave announced that it had raised $2 million in funding from Aroa Ventures, the family office of Oyo founder Ritesh Agarwal.

The Gurugram-based firm plans to use the capital to grow its team and scale operations in order to reach a monthly gross merchandise value (GMV) of more than Rs 100 crore.

In addition to its existing 3,000 mobile pickup stations (MPS), the company wants to invest in algorithms that will help it optimise first-mile logistics for its integrated network of Mobile Pickup stations.

Agrowave's creator, Anu Meena, stated that the company is developing solutions that allow farmers to sell their produce directly from their farm gates in only a few clicks.

“This funding will help us further expand our network of farmers, bring more transparency in the value chain, and most importantly positively impact the livelihood of farmers,” she added.

Agrowave, which was founded in 2017, is aiming to create 40,000 mobile touch points at farm gates in order to procure directly from farmers. In December 2021, the company announced it had attained a gross merchandise value (GMV) of roughly 15 crores and 8000 tonnes in volume by operating in over 150 villages after pivoting to the farm-to-mandi market place model.

The company has already established a foothold in Delhi-NCR, Haryana, Punjab, Uttar Pradesh, Madhya Pradesh, and Rajasthan, and it intends to expand further in these markets. It also plans to develop in rural and hinterland areas, where it will collaborate with a number of professional farmers and MPS (s).

“Small and marginal farmers are the backbone of this country and account for the majority of all farmers. Innovation and technology shifts in this sector are critical to ensure that they have access to the best markets and prices,” Gaurav Gulati, Head & CIO, Aroa Ventures, said.

Agritech startup just raised $60 million in a Series C funding round led by Luxembourg-based investment firm Asia Impact SA on January 18. Existing investors like Lightrock India and Quona Capital joined the round as well.