India’s full-stack aquaculture input and outputs platform, Aquaconnect has raised INR 60 crore (USD8 million) in a venture debt funding round led by venture debt firm Trifecta Capital. This was reported by The Economic Times of India.
The company will utilise the freshly raised capital to deepen its presence across India by expanding its network of Aqua partners – franchise stores that enable access to quality input products to the fish and shrimp farmers. The funds will also be used to expand the scale of operations and enhance Aquaconnect’s post-harvest market linkage solutions. Improving market linkage will allow the farmers to reach out to a broader range of potential buyers, thus increasing value realisation.
Aquaconnect works with fish and shrimp farmers to improve farm productivity, financial access, and market linkage through intelligent technology solutions. It has been working to navigate the challenges in the aquaculture value chain through an integrated tech-driven approach and aims to become the largest aquaculture value chain aggregator.
Commenting on the fund raise, Rajamanohar Somasundaram, founder and CEO of Aquaconnect said, “At Aquaconnect, our aim is to make the aquaculture value chain more efficient and transparent while increasing value realization through tech intervention. The fresh round of capital will help us achieve this goal by paving the way for expansion of our partners network in India and help the aquaculture farmers reach more buyers by strengthening our post-harvest market linkage solutions.â€
