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Hectar Global Founders
Agritech startup Hectar Global today said it has raised $2.1 million in a seed funding round led by Powerhouse Ventures and saw participation from All In Capital, WEH Ventures, Indian Silicon Valley, along with angel investors Anant Sarda and Adhish Ladha.
The startup plans to use the raised capital to scale its presence into new territories and strengthen its digital infrastructure.
Founded by Srinath Srinivasan, Sibhi Kumaran, and Aswath Balaji, Hectar Global operates as a business-to-business cross-border agri-commodity procurement platform that primarily serves global food buyers, allowing them to purchase container volumes of agri-commodities with the ease of an e-commerce experience.
Considering the annual global Agri commodities trade surpasses US$3 trillion, Hectar Global said it is positioning itself to spearhead digital transformation within this vast industry.
Additionally, The startup leverages advanced data models and machine learning algorithms to offer real-time market information and valuable insights, helping clients in planning their purchases, ultimately aiming to augment their profits.
“We have maintained a strong emphasis on operating profitably right from our inception. Our internal accruals have taken care of all operating expenses so far and we are primarily viewing this capital infusion, and future equity rounds, to rapidly expand into new geographies, and strengthening our digital infrastructure,” said Srinath Srinivasan, CEO of Hectar Global.
“Trading in agri-commodities requires deep domain expertise, given the inherent complexities in product qualities, price fluctuations, documentation, and freight. We feel that the team’s experience in cross-border trade and their ability to build technology products holds them in good stead to create significant impact in this industry,” said Kshitij Golwalkar, general partner at Powerhouse Ventures.
At present, Hectar Global has offices in locations such as Chennai, Singapore, Dubai, Bangladesh, and Sri Lanka. The company claims that it is shipping over 50,000 metric tonnes of Agri commodities to various regions, including Asia, the Middle East, and Africa.
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