Aqua farmers’ network Aquaconnect on Tuesday said it has raised venture debt funding of $8 million (around Rs 60 crore) from Trifecta Capital.
The firm, operated by Coastal Aquaculture Research Institute Pvt Ltd, plans to use the fresh capital to expand its India footprint, as well as to ramp up its linkage for post-harvest market solutions.
“The fresh round of capital will help us achieve this goal by paving the way for expansion of our Aqua partners network in India and help the aquaculture farmers reach more buyers by strengthening our post-harvest market linkage solutions, “said Rajamanohar Somasundaram, Founder and CEO of Aquaconnect.
Aquaconnect, set up by Rajamanohar Somasundaram in 2017, is an online marketplace for fish and shrimp farmers to buy quality aquaculture products directly from manufacturers.
The firm claims to offer probiotics, minerals, feed supplements, disinfectants and aerators with free doorstep delivery across India.
It also claims to work with over 60,000 farmers in different parts of the country and counts Omnivore, Rebright Partners, Flourish Ventures, AgFunder, HATCH, and 6G capital as its backer.
“Aquaconnect is a pioneer in the aquaculture sector and is digitizing the entire value chain connecting farmers with input manufacturers and institutional buyers.
In the process, they are facilitating aquaculture farmers to realize better prices for their produce, and providing access to high-quality inputs at fair prices. India is among the top three seafood producing countries and yet the sector is largely unorganized,” said Nilesh Kothari, Managing Partner at Trifecta Capital.