Indian Agritech startup Agrowave raises USD 2 million in Pre-Series A round

Agrowave, an India-based agritech startup creating a supply-driven farm-to-market mobility supply chain with a focus on first-mile logistics and trades supply via an integrated network of mobile pickup stations, has raised USD 2 million in Pre-Series A funding round from Aroa Ventures, the family office of Oyo founder Ritesh Agarwal on 21 January 2022. 

Investors: Aroa Ventures, the family office of Oyo Founder Ritesh Agarwal, contributed to the latest funding round.

The Objectives behind the funding: The company plans to deploy the current proceeds to expand the team and scale operations to attain a monthly GMV of more than USD 13.44 million (INR 100 crore).

About Agrowave 

Founded in 2017 by Anu Meena, an IIT Delhi Alumna, Agrowave is a first-of-a-kind agritech startup striving to build 40,000 mobile pickup stations (MPS) at farm gates to procure directly from farmers. The company’s services include customized sorting, grading, and packaging to maintain the quality and logistic support, enabling farmers to access technology that conducts quality mapping and demand prediction and analytics to organize procurement which helps avoid wastage. After pivoting to the farm-to-mandi marketplace model, Agrowave has significantly scaled and attained gross merchandise value (GMV) of approx. 15 Cr, volume approx. 8000 tons by operating in more than 150 villages in the month of December 2021. Besides its existing 3000+ MPS(s), the startup now eyes to invest in algorithms to efficiently optimize first mile logistics for its integrated network of Mobile Pickup stations. 

Though the startup has already set up its base in Delhi-NCR, Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, and Rajasthan, the startup now plans to strengthen its presence in these markets further. On top of that, Agrowave has aggressive expansion plans in remote and hinterland areas where it aims to work with multiple skilled farmers and MPS(s).

What the Founder and Advisor have to say:

Addressing the funding event, the Founder of Agrowave Anu Meena said, “Growing up, I saw the challenges my grandfather, a farmer, faced. Solving these challenges that farmers across India face has since been my mission. We at AGROWAVE are building solutions which enable farmers to sell their produce from their farm gates in just a few clicks. This funding will help us further expand our network of farmers, bring more transparency in the value chain, and most importantly positively impact the livelihood of farmers.”

Speaking at the event, Hemendera Mathur, Advisor, Agrowave, said, “Agrowave is solving a unique problem of connecting farmers with traders and buyers, in the first mile from farm to mandi. This is a hugely scalable model with the application of technology. This round of funding is a testimony of the potential and team’s ability to deliver on it.”

What the Investor has to say:

Speaking on the funding development, Gaurav Gulati, Head & CIO, Aroa Ventures, said, “Small and marginal farmers are the backbone of this country and account for the majority of all farmers. Innovation and technology shifts in this sector are critical to ensure that they have access to the best markets and prices. We are delighted to be supporting Agrowave in their mission to empower farmers.”

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