Patna-Based Agritech Startup ‘Ergos’ Raises Additional Funds In Its Ongoing Series A Funding
Ergos, a Patna-based agritech startup, has raised additional funds in its ongoing Series A round from CDC Group, a London-based development finance institution.
As per regulatory filings, the agritech startup has allotted 249,692 Series A CCPS in the fresh tranche at an issue price of Rs 901.11 per share from CDC Group PLC to raise Rs 22.5 crore.
First reported by Entrackr, CDC Group will increase its stake to 14.42% in Ergos while promoters have diluted their stake from 21.53% to 18.425%.
Started by Kishor Kumar Jha and Praveen Kumar, Ergos enables farmers to convert their grains into tradable digital assets, avail credit against those assets through partner NBFCs and Banks, and get better prices for their produce.
With a physical footprint in more than 60 locations in Bihar, the startup claims to have more than 32,000 registered farmers on the platform.
The agritech startup plans to scale into nearby states and serve more than a million farmers by 2025 with over 2,000 branch locations.
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