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

In a pre-Series A funding round, the company has raised funds led by Omidyar Network India, Ankur Capital, and existing investor Orios Ventures.

Startups | fundings

Press Trust of India  |  New Delhi 

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Agri-tech start-up Krishify on Tuesday said it has raised USD 2.7 million from investors to expand business.

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

In a pre-Series A funding round, the company has raised funds led by Omidyar Network India, Ankur Capital, and existing investor Orios Ventures.

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

"The platform will use the funds to continue expanding its user base, currently at 3.5 million users and growing 30 per cent month-on-month, as well as to create robust monetisation channels," the statement said.

Krishify said the Indian agricultural ecosystem is plagued by significant information asymmetry, lack of awareness regarding farming/dairy techniques, poor market linkage in crops and dairy, and limited options to buy farm input and equipment.

The company said it aims to address these gaps by building a content-centric, trusted platform that acts as a one-stop solution to help improve business prospects of its customers. Krishify enables information exchange and matches potential buyers and sellers.

It also gives access to a large repository of accurate information in local languages.

The platform deploys user profiling and AI algorithms to deliver a high degree of personalisation.

It can provide services like suggestions and feedback on crop status, and buying and selling of cattle, used tractors/machinery and seeds.

Agri-stakeholders like retailers, cattle traders, breeders, and mandi traders use Krishify to discover and interact with a wide community of farmers, the statement said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, August 03 2021. 17:00 IST