AquaExchange, an aquaculture technology and fintech startup, has raised $6 million in a Series A funding round led by Ocean 14 Capital, with participation from existing investors Endiya Partners and Accion Venture Labs.
Enhancing aquaculture with technology
Based in Vijayawada, Andhra Pradesh, AquaExchange is revolutionizing the aquaculture industry. The startup utilizes advanced technology to improve crop yields, reduce crop risks, and manage rising input costs.
The startup's product range, which includes PowerMon for power management and AquaBot for feed automation, is designed to automate farms and enhance crop visibility. This not only benefits farmers with premium prices and reduced costs but also attracts lenders and customers.
Plans for expansion and sustainable practices
With the new funding, AquaExchange aims to expand its full-stack business model, which encompasses farm automation, crop financing, and harvest procurement. Apart from this, The startup is also eyeing a few international markets for device exports.
Pavan Kosaraju, the founder of AquaExchange, said, “We plan to refine and scale our unique reinforcement framework, wherein farmers are immediately incentivized for sustainable practices through reduced input costs and higher offtake prices.”
Impact on the indian aquaculture landscape
India is currently the third-largest fish-producing country globally, contributing significantly to the country's Gross Value Added (GVA) and agricultural GVA. The sector supports over 30 million people in India, and the government's investment in fisheries development underlines its importance. AquaExchange claims that its technology has already been deployed across thousands of acres in India.
Piers Lakin, Senior Associate of Ocean 14 Capital, said, “In a short period of time, the company managed to deploy technology across a significant part of the Indian aquaculture landscape, both helping to deliver the data, insights and control that can help stabilize customers production while also developing an end-to-end solution providing access to inputs, offtake and finance.”
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