Ankur Capital led the US $4 million seed round for Agrizy to change the agri processor supply chain on 4th April 2022.
Omnivore and famous angels such as Rajesh Yabaji (CEO, BlackBuck), Srinath Ramakkrushnan, Amrit Acharya, Rahul Sharma, and Vishal Chaudhary, among others, participated in this round. The funds raised will build strong business and engineering teams, develop a suite of digital services for the processed agro-industry, and increase customer traction in specific value chains across India. The funds will expand the product and speed up business in specific value chains.
What the founder has to say:
Vicky Dodani, Co-Founder, Agrizy, said:
“We aim to be the point of contact for the Agri processing units by providing them an end-to-end fulfillment platform and simplifying their procurement and sales cycle. The recent round of funding from two significant funds investing in Agri Tech reinvigorates our vision of transforming the processed Agri supply chain.”
What the investors have to say:
Krishnan Neelakantan, Partner at Ankur Capital, also shared:
“We’ve been keeping a close eye on the USD 500 billion agro commodities industry, as we see big opportunities waiting to be discovered.” While these value chains continue to use antiquated processes, Vicky, Saket, and the Agrizy team have demonstrated a strong awareness of the space and insights into how digitization might disrupt India’s big Agri value chains. We envision Agrizy developing a platform that can help SMEs achieve greater price realization, increase their geographic reach, and unlock value by enabling formal lending. We’re delighted to be a part of their adventure.”
Vicky Dodani and Saket Chirania founded Agrizy in September 2021 to provide a tech-first platform to connect the processed Agri supply chain. The technology platform connects processors and buyers of non-perishable farm products such as jute, oilseeds, cereals, pulses, and others in food and non-food categories to find and fulfill transactions more efficiently. This will help Agri processors provide innovative technological solutions that may be used to execute trades through Agrizy’s logistics partners efficiently. The founding team has good operations, financial, and logistics experience from high-growth businesses such as Blackbuck, Bizongo, and Zoomcar and strong ties to the agricultural processing industry.
By 2025, India’s foodgrain production will be worth about half a trillion dollars. However, with 2.5 million – usually tiny – units employing 7 million people across India, the industry’s structure and intermediate supply chain remain primarily unorganized. Agribusiness logistics are still fragmented, with a significant reliance on intermediaries for last-minute fulfillment. As stakeholders harness digital technology, new-age logistics, and intelligent financing, there is a substantial opportunity in arranging supply chains for procurement and processing.
Agrizy is working on digitizing these value chains by developing a platform that would streamline and optimize transactions between aggregators, FPOs, farmers, and processors and provide traditional loans to these small enterprises. This should bring value to all of the ecosystem’s essential players.
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