Onato, an Indian ag-tech startup creating a technology platform for the country’s agriculture industry, has raised US$ 2.2 million in a Seed funding round led by Vertex Ventures Southeast Asia & India on 19 October 2021.
Investors: The latest investment round featured Vertex Ventures Southeast Asia & India as the lead investor with participation from Omnivore.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards recruiting fresh talent and increasing its operations across the country.
Brought to existence in 2021 by Ashish Jindal and Vedant Katiyar, Onato’s B2B platform offers fresh agricultural produce to its users. It explicitly links several dealers and uses information from the supply and demand side to ensure transparency in pricing and volume, aid users in accessing new market opportunities, and secure timely payments. This propels higher margins and enables small and medium enterprises to broaden their growth scope without intensifying their credit burden.
What the Founders have to say: “Over 60% of the Indian populace earns a livelihood from agriculture. But technological progress in the agriculture supply chain has not been promising. An intuition-driven decision-making process is one of the major causes of such low growth, resulting in instability of prices and wastage. I feel that fostering transparency in price fulfilment and discovery using technology will prove beneficial in streamlining the decision making and logistics functions.”- Vedant Katiyar, Founder of Onato. “Channelling the force of available data in the right direction can be useful in revolutionizing the prevailing agriculture supply chain domain. Its outcome will be enhanced value dispersal for all parties from final-consumer to the farmer.”- Ashish Jindal, Co-Founder of Onato.
What the Investors have to say: “A majority of the Indian agricultural produce is transported using unsystematic supply chains due to complicated credit management, broken volumes, and arbitrary pricing. Onato envisions developing a solution to tackle these serious bottlenecks.”- Kanika Mayar, Executive Director at Vertex Ventures Southeast Asia & India. “Onato’s strong fulfilment process and well-structured digital intervention are alleviating the credit burden experienced by the supply chain. In addition, the firm is resolving the problem of unstable income faced by Indian farmers which forces them to leave their farming occupation.”- Jinesh Shah, Managing Partner at Omnivore.
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