Agritech Startup Agrowave Raises $2 Million In Funding
Agrowave, a Gurugram-based agritech startup, has raised $2 million in funding from Aroa Ventures, the family office of Oyo founder Ritesh Agarwal.
As per the startup, the freshly raised funds will be used to expand the team and scale operations to achieve a monthly gross merchandise value or GMV of over Rs 100 crore.
The agritech startup is also looking to invest in algorithms to efficiently optimize first mile logistics for its integrated network of Mobile Pickup stations.
Agrowave | Building Mobile Pickup Stations For Sustainable Supply From Farmers
Founded by Anu Meena in 2017, Agrowave is building a farm2business mobility supply chain through an integrated network of mobile pickup stations at farm gates.
As per Anu Meena, Agrowave is building solutions that enable farmers to sell their produce from their farm gates in just a few clicks. She added that this funding would help the startup further expand its network of farmers, bring more transparency in the value chain and most importantly, positively impact the livelihood of farmers.
The startup aims to build 40,000 mobile touchpoints at farm gates to procure directly from farmers. As per the startup, after pivoting to the farm-to-mandi marketplace model, it has achieved a gross merchandise value (GMV) of approximately 15 crores and 8000 tons in volume by operating in over 150 villages in December 2021.
With its existing 3,000 mobile pickup stations (MPS), Agrowave has already set up its base in Delhi-NCR, Punjab, Haryana, Rajasthan, Uttar Pradesh and Madhya Pradesh. Now, the agritech startup plans to strengthen its presence in these markets further.
Agrowave also looks to expand in remote and hinterland areas where it intends to work with multiple skilled farmers and MPS(s).
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