Indian Economy News

Agri-tech firm Krishify raises US$ 2.7 million from investors for expansion of biz

Krishify, an Agri-tech start-up, said on Tuesday that it has raised US$ 2.7 million in funding to expand its operations.

Krishify, a networking platform for farmers and other agri professionals, was launched in 2019 by three IIT grads Mr. Rajesh Ranjan, Mr. Manish Agarwal, and Mr. Avinash Kumar.

Omidyar Network India, Ankur Capital, and current investor Orios Ventures led a pre-Series A fundraising round for the company.

Mr. Nitin Kaushal and Mr. Chakradhar Gade, co-founders of Country Delight, also participated as angel investors.

"The platform will use the funds to continue developing its user base, which is now at 3.5 million members and rising 30% month over month. The platform will also use the funds to create robust monetisation channels." according to the release.

According to Krishify, severe information asymmetry, a lack of awareness about farming/dairy techniques, weak market linkage in crops and dairy, and limited options to buy farm input and equipment hamper the Indian agricultural ecosystem.

According to Krishify, severe information asymmetry, a lack of awareness about farming/dairy techniques, weak market linkage in crops and dairy, and limited options to buy farm input and equipment hamper the Indian agricultural ecosystem.

The company stated that it plans to close these gaps by developing a content-centric, trusted platform that would serve as a one-stop shop for customers looking to boost their business chances. Krishify facilitates the sharing of information and connects potential buyers and sellers.

It also allows users access to a big database of up-to-date information in their native language.

To provide a high level of customization, the platform uses user profiling and AI algorithms.

It can offer services such as agricultural advice and comments, as well as the purchase and sale of cattle, secondhand tractors and machinery, and seeds.

Retailers, cattle traders, breeders, and mandi traders are among the agri-stakeholders who utilise Krishify to find and communicate with a diverse community of farmers, according to the statement.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.