Agrix secured undisclosed amount backed by Maple Capital Advisors
Oct 31, 2020
Patna based Agrix Agrotech, which provides digital and precision farming solutions has now secured an undisclosed amount in the seed funding round backed by the Maple Capital Advisors. The round also saw participation from Samarth Agarwal, founder of MaxWholesale, and Abhinav Grover, director of Maple Accelerator, as per the report. Post funding, Pankaj Karna, the CEO and Founder of Maple Capital Advisors, will now go to join the Agrix, Board of Directors team. The company, as of now, has plans to use the new funds to strengthen its technology and operations platform. Agrix is founded by Saurav Singh Vivek Kumar and Nilay Pandey in the year 2020. The company focuses more on the agri input services, farming as a service and covering farm machinery and also offers market linkages for the fragmented farm owners. It also aims to promote digital and smart farming that uses the latest technologies such as the Internet of Things, Big Data, and plant phenomics in an affordable way and also increases the maximum realization for the fragmented farm owners. As of now, the Agrix covers around 4000 acres, catering to more than 3000 farmers in villages in some parts of Bihar. The company app will soon go to be available on Android and iOS, and users can access the platform via the agrixagro.com. “With this investment, we will be able to cover at least 6,000 acres of fragmented farms, providing farming services (machinery and inputs) and market linkages, and adding sophisticated technology with further scale-up,” Pandey said. Commenting on the investment, Pankaj Karna, Managing Director of Maple Capital Advisors, said,
“We are delighted to partner with Dr. Nilay and the team at Agrix. Their passion and commitment to contribute back to the fragmented farmer and vision on technology motivated us to partner, invest, and help accelerate their business plan. We believe the market is huge, and a few have the lineage and motivation to make a difference at the ground level, as we have seen in this team. The business has very sound unit economics at the cluster level too.”
The adoption of the latest digital technologies in agriculture has been increasing at a very faster pace. Precision agriculture technologies are changing the way farmers manage their crops, and these are being adopted at a faster growth rate. The latest technology in agriculture, also known as ag-tech, has rapidly changed the industry. People in the industry – farmers, and food producers, must embrace the digital transformation trends in the field of agriculture. By using the latest technology as a scalable and sustainable resource, we can take agriculture to new heights. The Internet of Things is simplifying and streaming the inspection, collection, and overall distribution of agricultural resources with the help of sensors on equipment and materials. Moreover on the other hand, farmers are always challenged to grow more while cropping with the volatile weather conditions to meet the demand for the food of high quality. Some other startups who are working in the digital farming include the Crofarm, Aarav Unmanned Systems, Aibono, CropIn, Gold Farm, Ninjacart etc.