Tamil Nadu-based Aqgromalin, an agri-tech startup, has secured US$ 272,000 in funding from angel investors. The funding was conducted in the Middle-East and held in December 2020. The company said it would use the fund in establishing 500 micro-farms in the states of Tamil Nadu, Telangana, and Andhra Pradesh.
Today, it has become difficult for farmers to utilise entrepreneurial strategies due to two main challenges which are investments and market linkages. The company challenges to supplement the income of minor landholding farmers through ready to implement micro-farms largely in the sectors of animal husbandry and aquaculture.
The startup runs a conventional approach by making practices affordable and easily accessible to farmers. It combines new-age technologies to support the farmers sustaining a multifunctional economy and severe market reforms.
What Aqgromalin has to say
Prasanna Manogaran and Bharani C L, the co-founders of Aqgromalin said in a joint statement, “We are delighted that the investors have seen huge growth potential in our startup. Our company plans to utilize these funds in improving and accelerating the implementation of micro-farms that is going to uplift the living of the farmers. Additionally, our plans to strengthen the technology backed platform will drive the business forward in the domain of agri-tech. We provide farmers access to training for the cultivation of crops, make farmers aware of common diseases, and equip them with expert skills to troubleshoot and increase yield.”
“Animal husbandry and aquaculture have a huge growth potential in the coming years. With our ready to implement micro-farms we are helping the small and marginal farmers also to diversify their portfolio and take advantage of the greater returns that this sector provides,” they also added.
What one of the Angel Investors has to say
“I believe the business model of Aqgromalin can become viral very fast and it has scalability across the world. The amount of groundwork and the hands-on approach of the team has given us immense confidence to invest,” said an investor Parthiban Mohanasundaram, in a statement.
Aqgromalin was founded in 2019 by Prasanna Manogaran and Bharani C L. It is present in Tamil Nadu, Andhra Pradesh, and Telangana. The company stated it has been associated with SERP (Society for Elimination of Rural Poverty), Govt of Telangana, TANUVAS (Tamil Nadu Veterinary and Animal Sciences University), Tamil Nadu, ICAR-CIBA (Central Institute of Brackish Aquaculture).
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