Agritech startup BioVeda Agro Ventures on Tuesday said it has secured an undisclosed capital from India Accelerator’s angel investors’ network iAngels in a seed funding round.
The fresh funds will be deployed for business expansion and scaling up its technology stack.
Established in February this year, BioVeda is a digital platform which offers a host of agri services for farmers to sell their produce, buy agri inputs and avail credit facilities at lower interest rates.
“We operate by the principle of aggregation and are confident that our data driven engagement will help in understanding the real needs of the farmer and would eventually lead to empowering multiple industries through AI and our predictive SCM,” said Mahua Hazra, co-founder and chief executive at BioVeda Agro Ventures.
“With an increasing number of farmers looking to foster stable and continuous production, BioVeda’s integrated advanced agritech platform will actually add moolah in the farmer’s pocket,” said Deepak Nagpal, managing partner and business head at iAgri.
Founded in 2017 by Ashish Bhatia, Abhay Chawla and Mona Singh, India Accelerator provides end-to-end services in the areas of technical, digital marketing, legal, financial, working space, meeting rooms, super-fast and reliable wireless internet access.
In August, the platform has launched a Rs 350 crore category-I angel fund with an aim to back 100 early-stage startups every year.
As per a September report by venture capital firm Kalaari Capital, the total investments in the agritech industry grew four times in 2021-22, driven by better mobile internet penetration, technology solutions, innovative founders, the adoption of newer supply chains and the government's focus on farm-reforms.