Agritech Startup Ergos Raises $10M in Funding, to Scale Its Operations
Ergos, a Bengaluru-based agritech firm, has made headlines by securing $10 million through a combination of equity and debt.
The funding, which was part of its Series B round, was led by Abler Nordic – a Norway-based financial inclusion fund, along with existing investors Chiratae Ventures, Aavishkaar Capital, and Trifecta Venture Debt Fund.
Ergos | Empowering Participation from Farmers
Founded by Kishor Jha, Ergos is a a Bengaluru-based agritech firm that gives small and marginal farmers access to storage services for 8-9 months after the harvest.
As per the startup, it has created a grain bank that enables farmers to convert their grains into tradable digital assets. They can avail credit against those assets through partner NBFCs and Banks and get better prices for their produce.
Speaking about the development, Jha, Founder and CEO of Ergos, said,
“We are overwhelmed by the immense opportunity ahead of us, and we intend to further deepen our presence amongst the farming community, even whilst we rapidly scale our operations.”
As per Jha, founder and CEO of Ergos, their comprehensive Grainbank platform enables farmers to make optimal decisions on sales/storage of their produce, and access credit from Banks. The startup also enables farmers to get access to competitive prices through planned liquidations and access to a wide spectrum of buyers.
Statement from the Investor
Commenting on the development, Arthur Sletteberg, Managing Director of Abler Nordic, stated that investment in Ergos shows their approach to investing in a wide range of innovative, inclusive solutions that help build financial and climate resilience.
While highlighting the problems that Ergos solves for farmers, like produce spoiling due to lack of access to quality storage, Sletteberg added,
“We are excited to partner with them on their journey to scale and expand their solutions for the benefit of farmers across the different agri-belts in India.”
Using the offerings of Ergos, farmers can access credit for up to 70 percent of their stored and digitized grain through an end-to-end digital process with affordable interest rates from banking partners.
Earlier in May, Jaipur-based agritech startup Balwaan Krishi raised $2 million (around Rs 16.5 crore) to develop new products and establish a pan-India distribution network for their existing products. Also, a leading producer of natural and organic farming products, Two Brothers Organic Farms (TBOF), made headlines by announcing the successful completion of its pre-Series A funding round.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.