Funding will enable Aquaconnect to continue scaling its operations and expanding geographically to amplify its impact across India
Chennai-based start-up Aquaconnect has raised a $4 million (Rs 33 Crore) Pre-Series B funding round led by S2G Ventures.
The Aquaconnect is a full-stake platform embedded with embedded fintech that leverages satellite remote sensing and artificial intelligence to improve the efficiency of stakeholders in the fish farming industry.
Aquaconnect will utilise the new capital to continue scaling its operations and enhance its coverage of the major aquaculture production states in India.
The company which has recently expanded its footprint in northern states such as West Bengal, Uttar Pradesh, and Assam, and achieved 4x revenue growth in the last fiscal year, said that with new funding it aims to double its Aqua Partner network in the next 6 months.
Commenting on the Pre-Series B funding round, Rajamanohar Somasundaram, founder and CEO of Aquaconnect, said, “The funds come at a critical juncture as we gear up for our next phase of growth to capture new opportunities, with an intense focus on expanding our operations in major markets. This expansion is more than just scaling.”
“Aquaconnect’s full-stack solution is revolutionising aquaculture in India through reliable access to a diverse set of farming input products, working capital financing, marketplace commerce, and streamlined logistics,” said Kate Danaher, managing director at S2G Ventures.
Aquaconnect raised $15 million in a Series A funding round last year from Lok Capital, Louis Dreyfus Company (LDC) Ventures, Suneight Investments, AgFunder, Omnivore, Rebright Partners, Flourish Ventures, and Hatch Blue.
The company is supported by investments from Omnivore Partners, Hatch Accelerator, Flourish Ventures, Rebright Partners, AgFunder, Lok Capital, LDC, Suneight Investments, and 6G Capital.