Eruvaka, an Internet of Things-based agri-tech startup, has raised an undisclosed amount from Dutch animal nutrition and aqua feed firm Nutreco and existing investor Omnivore in a Series B investment round.
Nutreco led the investment, picking up 25% stake in Eruvaka and forging a commercial partnership to help scale it globally, the Vijayawada-based startup said in a statement.
Nutreco’s chief innovation officer Viggo Halseth will join the board of Eruvaka.
Eruvaka had earlier received an undisclosed amount in Series A funding from early-stage venture capital firm Omnivore (earlier Omnivore Partners), widening the gap between the two consecutive funding rounds where the Series B round has come nearly five years later
Eruvaka develops connected devices and mobile-based decision tools to help aquaculture farmers reduce risk and increase productivity. The startup was founded in 2012 by Sreeram Raavi, an electronics engineer with a background in semiconductors.
The company’s products allow farmers to monitor pond parameters and remotely control automated equipment. It says these products, which involve the use of cloud analytics and integrated sensors, significantly reduce farming risk while increasing feed efficiency, shrimp growth, and farm profitability.
As part of the deal, Nutreco’s aquaculture division, Skretting, will work directly with Eruvaka to implement its precision farming technology, initially in Latin America.
According to the company, the technology will be incorporated into AquaSim, Skretting’s suite of customised performance tools, to allow local shrimp farmers to remotely ensure accurate dosages of the right feed when their stock requires it, thereby avoiding over- or under-feeding.
“Eruvaka’s products perfectly complement our shrimp feed business and will help us further build scale across Latin America and Asia,” said Nutreco chief executive officer Knut Nesse.
Nutreco operates with 12,000 employees across 32 countries with net sales of 5.9 billion euros in 2016. Its two global company brands Skretting (aqua feed) and Trouw Nutrition (animal nutrition) sell products in more than 90 countries.
Mumbai-based agri-tech startup FreshVnF has raised around $2 million (around Rs 14 crore) in a funding round led by investment firm Equanimity Ventures.
GVFL, Ahmedabad-based venture capital firm, and the family office of Manish Choksi, Asian Paints Ltd non-executive vice chairman, also invested in the agri-tech startup, FreshVnF confirmed in a statement.
VNF Ideas Pvt. Ltd operates the technology platform FreshVnF.
"These funds will help us grow our farm network for consistent supplies, build our technology platform for seamless supply chain operations at scale, and help us achieve our goal of providing fresh farm produce to the end customer within 16 hours of harvesting," said Atul Kumar, co-founder of FreshVnF.
FreshVnF is a ML driven technology platform creating market linkages for farmers by streamlining the supply chain from farm to fork bringing efficiency and transparency.
Speaking about the fund raised, Atul Kumar said, "the capital will help the company grow its farm network, build its technology platform for seamless supply chain operations at scale, and achieve its goal of providing farm produce to customers within 16 hours of harvesting. FreshVnF will work aggressively to increase its retail footprint and service over one lakh retail customers in western India."
FreshVnF was started by IIT and IIM graduates Vikas Dosala, Atul Kumar, Aashish Krishnatre and Sumit Rai in 2018. At present, the agri-tech start-up is operating in Mumbai. According to FreshVnF, it delivers 15 tonnes of products per day.
It has 300 outlets on board that includes new-age restaurant chains, too. The Mumbai-based startup is looking to reach to 5,000+ clients and grow its operating volume to 100-plus tonnes per day in a year. FreshVnF caters to retail consumers through its brand Fraazo. FreshVnF is focused on doing the heavy lifting in order to build a safe food ecosystem.
Tamil Nadu-based masala brand, Aachi Kitchen is planning to open a chain of Chettinad restaurants. As per the diversification strategy of this two-decade-old group, Aachi Kitchen will start in the first quarter of this year in five locations. AD Padmasingh Isaac, Founder and Chairman, Aachi Kitchen, said, "First, I want to see whether I can sustain and then blow the trumpet”. Isaac, a first-generation entrepreneur, started selling spices under the Aachi brand in 1995. This year, he expects to clock revenue of Rs 750 crore.
Holding a bachelor's degree in business administration, he worked as area manager for Godrej's personal care products unit for a decade before becoming an entrepreneur. Over the years, the Aachi group has extended to products such as herbal cosmetics, herbal cough syrup and even a matrimonial site. But the restaurant foray is likely to be the biggest-ever extension under the Aachi name.
Aachi's decision comes at a time when a slew of South Indian players are upping the game in the food business. The likes of Hotel Saravana Bhavan and Adyar Ananda Bhavan have global ambitions in this space. More specifically, though, the quick service restaurant market where Aachi expects to play is expected to swell in size in the years to come.
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