Gurgaon-based Agrowave, an agritech startup building Farm2Business supply chain, has raised $2 million in a pre-Series A funding round led by Aroa Ventures and the family office of Oyo founder Ritesh Agarwal.
Agrowave was founded in 2017 by IIT Delhi Alumni Anu Meena with an aim to build solutions for farmers who struggle to sell their produce from farm gates. The startup is striving to build 40,000 mobile touchpoints at farm gates to procure produce directly from farmers and to sell to businesses. It allows retailers, restaurants, caterers, and similar businesses to order fruits and vegetables through its B2B mobile application.
With this round of funding, The agritech startup will focus on team expansion and scaling operations to achieve a monthly gross merchandise value (GMV) of over Rs 100 crore. As of now, Agrowave has achieved a GMV of approximately Rs 15 crore and 8000 tons in volume by operating in over 150 villages in December 2021.
Besides this, It is also looking to invest in algorithms to efficiently optimize first mile logistics for its integrated network of Mobile Pickup stations. At present, The startup has its base in Delhi-NCR, Haryana, Punjab, Uttar Pradesh, Madhya Pradesh, and Rajasthan. It is aiming to strengthen its presence in these markets further.
According to Anu Meena, Founder & CEO of Agrowave, Agrowave is building solutions to enable farmers to sell their produce from their farm gates at better rates through its mobile application. “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,” Anu said.
Speaking on the investment, Gaurav Gulati, Head & CIO of 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.”