On Thursday, Chandigarh-based AgNext, an Agritech startup, announced that it raised USD 21 Million as a part of its Series A funding round. The round was led by Alpha Wave Incubation (AWI) funds.
The round also saw the participation of existing investors like Kalaari Capital and Omnivore. This round is a debut for AWI in India’s agritech sector.
With this new infusion of capital, AgNext will now launch new commodities, strengthen its presence in India and increase itself into international markets including South Asia, Europe, and the Middle East.
AgNext also plans to establish a new office in Abu Dhabi for making a deep penetration into the targeted market by making its commodity portfolio more diversified.
About AgNext –
AgNext was initiated by Taranjeet Singh Bhamra in 2016. It is the fastest-growing Agritech startup that intends to solve trust and quality in food chains by making them secure, transparent, safer and fairer.
It has innovated full-stack solutions, which is powered by unique integration of integrated software, adaptive hardware and data analytics, which aims to tackle quality-related issues in the post-harvest value chain in agriculture.
As the startup mentioned, the lack of quality assessment solutions leads to approximately USD 90 Billion in loss, globally.
With the digitalization of food quality assessment as its core focus, AgNext offers a uniquely integrated, Artificial Intelligence-driven SaaS platform to customers and delivers instant results of food quality.
AgNext is incubated at IIT Kharagpur and received its first funding in 2017 by a-IDEA National Agriculture Research.
“The deep-tech enabled value created by AgNext for our partners has been instrumental in driving our growth story. Today, we are ready to scale our operations globally and delighted to partner with Alpha Wave Incubation (AWI), to accelerate our R&D initiatives and build a robust international presence,” said Taranjeet Singh Bhamra, founder and chief executive officer of AgNext.
The startup has won many awards and had achievements like most innovative Agri Startup by FICCI; Amongst Top 5 Asia by Rabobank, Singapore; Best Product Award by TiEcon; Agriculture Innovation Award by CII, and many more.
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