The Gurugram-based Indian startup AgroWave has raised USD 500,000 as funding from Sekhar Puli, a US-based investor, on 28th September 2020. The AgriTech startup was launched in the year 2017 and connected farmers with enterprises.
AgroWave-the farm to business supply chain
The startup AgroWave is an agriculture cooperative started by 27yr-old IIT Delhi alumni Anu Meena. The startup works to connect with farmers and build a sustainable supply chain for Agri products. They are building a farm2business cycle that empowers farmers. The process of their business includes establishing technologically sound mobile pickup stations called MPS in the villages from where they collect the produced fruits and vegetables. Farmers receive the notifications regarding MPS timings and other details over the app. Their organized sorting, marking, and packaging ensure the quality of produces. The produce is delivered straight to the door of customers without any delivery cost by their trained professionals and technologically advanced logistics processes.
How will funding be utilized?
AgroWave has decided to use its funds in scaling its MPS model to more villages and building a price prediction model for the supply side of farmers and the same; the company is going to increase its technology team. The price prediction model will predict the price of the agriculture produce when the farmers put the request to sell it.
The plans of AgroWave
The company is generating revenue of USD 333k monthly and has employed more than 35k people from various regions of India like Haryana, MP, UP, Rajasthan, Punjab, and Maharashtra. The company earlier raised an undisclosed funding amount from Daffodil Software Pvt. Limited in 2017, which is a Gurugram based Software company.
AgroWave has built 50 Mobile Pickup Stations this year so far and is aiming to raise USD 10 million funding by next year to build another 1000 MPS and use them in predicting price engine, route mapping, and supply-demand mapping system for their business operations. The founder of AgroWave, Anu believes that it is very important to have a trust relationship with the farmers for working with them. And their MPS’s are the mediums through which they achieve that. It helps them to sell what they produce within their village using their mobile app. At farm gates, they are building a supply chain for farm to business through their integrated pickup stations. They are focused on building better technology and thereby creating an efficient supply chain.