Agritech firm Ergos has raised USD 10 million (about Rs 82.88 crore) through a combination of equity and debt from investors, including Norway's fund Abler Nordic, to expand its operations.
In a statement on Friday, Ergos announced a "capital injection of USD 10 million through a combination of equity and debt, as part of its Series B round led by Abler Nordic and existing investors Aavishkaar Capital, Chiratae Ventures and Trifecta Venture Debt Fund."
Ergos digitises grain storage, empowering farmers to convert their grains into tradable digital assets and earn more by selling produce at optimal times post-harvest.
The company offers a buyer's platform linking farmers to markets, safe grain storage in warehouses, and access to affordable finance through partner lenders.
Ergos currently supports over 1,60,000 farmers on its platform and has a physical network of farm-gate-based warehouses branded as Grainbank in over 200 locations across Bihar, Karnataka and Maharashtra.
"There is a pressing need to revitalise agriculture by empowering farmers and catering to their needs at the farm gate.
"Ergos' comprehensive 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 and access to a wide spectrum of buyers," Kishor Jha, Founder and CEO at Ergos, said. He added that the company intends to further deepen its presence amongst the farming community even while rapidly scaling up operations.
Ergos brings small and marginal farmers into mainstream economic activity by enabling access to storage services for 8-9 months after harvest. The farmers can then access credit for up to 70 per cent of their stored and digitised grain through an end-to-end digital process with affordable interest rates from banking partners.
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First Published: Sep 22 2023 | 3:26 PM IST