Agritech startup AgNext Technologies on Thursday said it has raised USD 21 million from investors for expansion and growth. Set up in 2016, AgNext Technologies provides deep-tech-enabled solutions for food quality assessment, monitoring, and management. The Series A round was led by Alpha Wave Incubation (AWI) fund, which is backed by DisruptAD and managed by Falcon Edge. Existing investors Omnivore and Kalaari Capital also participated in this round.
AgNext said it has also delivered exit to a-IDEA NAARM, India's first agribusiness incubator, managed by the National Academy of Agricultural Research Management (NAARM), the statement said. Taranjeet Singh Bhamra, Founder & CEO of AgNext, said: 'In the era of agriculture 4.0, the demand for better market linkages and secure food trade is driving deeper penetration of technology in agricultural ecosystems.' As first movers in the agricultural deep-tech space, he said the company has established market leadership in India through novel AI-based technologies that assure quality-based food trade across value chains.
'Today, we are ready to scale our operations globally,' said Bhamra. With this new capital infusion, AgNext said it will enter into newer commodities, strengthen its pan-India presence and expand to international markets such as the Middle East, Europe, and South Asia. The funds will also be used for the development of its tech platform Qualix, to enable quality-driven trade transactions across the food value chains.