Agritech Startup EF Polymer Raises Rs 2.7 Cr In A Seed Funding Round
EF Polymer, an agritech startup, has raised ¥40 million (Rs 2.7 crore) in a seed funding round. The funding round was led by Japan-based venture capital investors MTG Ventures Inc, Beyond Next Ventures Inc, Yosemite LLC, and angel investor Tatsuya Suzuki.
As per the startup, it will use the funds to expand its business and enhance its technological capabilities.
Agritech Startup EF Polymer
Co-founded by Narayan Lal Gurjar, Puran Singh Rajput and Buddhi Prakash Gurjar in 2018, EF Polymer is a Rajasthan-based startup that provides sustainable agriculture inputs to reduce water and fertilizer requirement and maximizing profit for farmers.
Talking about the funding, Narayan Lal Gurjar, Founder and CEO of EF Polymer, said,
“We would like to utilise this fund to first increase our production capacity and employment, as well as to expand our sales channels. We are committed to promoting organic farming and the circular economy. With our technology, we believe we can make significant contributions to achieving the SDGs by making our products more widely available.”
The agritech startup has developed an eco-friendly water retention natural polymer named “Fasal Amrit”, which can absorb 300 times more water than its own weight for as long as 10-12 days. It helps to reduce irrigation water requirement by 30-40%, along with a 40-50% reduction in fertilizer.
EF Polymer Private Limited operates in Japan and India and is a subsidiary company of EF Polymer KK, its holding company and the Japanese entity.
In 2019, EF Polymer was selected for a one-year residency incubation programme by the Japanese government at the Okinawa Institute of Science and Technology (OIST). The incubation programme included funding of 10 million Yen, along with access to the mentorship, clients, training, market, and a connection with other investors.
Need legal assistance for your startup? Just contact us.