Agritech startup Krishify raises $2.7 million in pre-Series A round2 min read . Updated: 03 Aug 2021, 02:30 PM IST
- The round was led by Omidyar Network India, Ankur Capital, and existing investor Orios Ventures
BENGALURU : Farmer-centric platform Krishify on Tuesday said it has raised $2.7 million as a part of its pre-Series A funding round led by Omidyar Network India, Ankur Capital, and existing investor Orios Ventures.
Co-founders of Country Delight, Nitin Kaushal and Chakradhar Gade, also participated in the round as angel investors.
According to Krishify, the startup will use proceeds from the current fundraIse to continue expanding its user base.
Founded in 2019, Krishify is a networking platform for farmers and other agri professionals. It enables information exchange and matches potential buyers and sellers. It also gives access to a large repository of accurate information in local languages to farmers. This includes services such as suggestions and feedback on crop status, and buying and selling of cattle, used tractors, machinery and seeds.
"The Krishify mobile platform has witnessed the highest growth, retention, and engagement in this space. The opportunity ahead of us is enormous. We are delighted to have the backing of investors with deep backgrounds in agritech and community-commerce space; we feel that this fundraise will help us take the venture to new heights," said Rajesh Ranjan, founder and chief executive officer, Krishify.
Krishify is targeting to onboard at least 100 million users and unlock a gross merchandise value (GMV) potential of over $10 billion in the next 3-4 years, Ranjan added. Over the next 12 to 18 months, the company is to reach over 10 million weekly active users, it said.
At present, Gurugram-based Krishify has 3.5 million users, which is growing 30% month-on-month.
“While the Indian agritech space has seen a lot of activity over the last few years, most of these investments and initiatives have been crop centric, leaving the other needs of the farmer entirely unsatisfied i.e., dairy, livestock, tractors, machinery, and implements. Within a short span, Krishify has managed to build a highly engaged farmer-centric community solving for the information asymmetry prevalent in the Indian agricultural ecosystem," said Madhav Tandan, director, Omidyar Network India.
Farmers access the community on Krishify to also get help on farming techniques, updated market rates, government benefits and subsidies, among other information.
In addition, agri-stakeholders such as retailers, cattle traders, breeders, and mandi traders use Krishify to discover and interact with a wide community of farmers, the company said.
"We are kicked about what technology can do for Agriculture in India. Krishify is a great example of that, by firstly allowing information exchange between farmers and then allowing them to trade with each other," said Rehan Yar Khan, managing partner, Orios Venture Partners.
In the past, Krishify raised around $150,000 as part of its seed investment round from Orios Ventures and Appyhigh, a growth launchpad for tech startups.
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