Agritech startup Ergos said on Friday that it has raised $10 million via a combination of equity and debt in a funding round led by Norway’s Abler Nordic, along with participation from existing investors Aavishkaar Capital, Chiratae Ventures and Trifecta Venture Debt Fund. Bengaluru-based Ergos digitises grain storage, helping farmers convert their grains into tradable digital assets and earn more by selling their produce at optimal times. It offers a buyer's platform linking farmers to markets, safe grain storage in warehouses, and access to affordable finance through partner lenders.

“There is a pressing need to revitalise agriculture by empowering farmers and catering to their needs at the farmgate. Ergos’ Grainbank platform enables farmers to take optimal decisions on sales/storage of their produce, access credit from banks as well as get access to competitive prices through planned liquidations,” said Kishor Jha, founder and chief executive of Ergos.

Ergos provides farmers access to storage services for eight-nine months after the harvest and the farmers can then access credit for up to 70% of their stored and digitised grain through a digital process with affordable interest rates from banking partners. Currently, Ergos claims to support over 160,000 farmers on its platform and a physical network of farm-gate based warehouses branded as Grainbank in over 200 locations.

“Our Investment in Ergos demonstrates Abler Nordic’s approach of investing in a wide range of innovative, inclusive solutions that help build financial and climate resilience. Ergos is helping solve the problem that many farmers in India increasingly face produce spoiling due to lack of access to quality storage, affecting both the farmers’ income and general food security,” said Arthur Sletteberg, managing director of Abler Nordic.