Aquaconnect raises USD 15 million (INR 120 crore) in a Series A funding round led by Lok Capital. The funding round also witnessed the participation from Louis Dreyfus Company Ventures, Suneight Investment along with existing investors including Omnivore, Rebright Partners, Flourish Ventures, HATCH and other debt investors.
Aquaconnect will utilise the fresh funds to strengthen its portfolio of scalable solutions that use AI and Satellite remote sensing and widen its service offerings in both the pre-harvest and post-harvest aquaculture value chain.
Commenting on the Series A fund round, Rajamanohar Somasundaram, Founder and CEO Aquaconnect, said, “We’ve added about 500 AquaPartners in the last 12 months and this phygital network has helped us scale phenomenally across 6 major aquaculture production states. In the next 12 months, we are set to triple our AquaPartners’ network across India and optimize our service offerings.”
“We have been operating our domestic market linkages & overseas exports under stealth. As our pilots have shown great success, our team is geared up to scale the success we have achieved and enhance our B2B offerings in the next 12-18 months”, added Rajmanohar Somasundaram.
In July last year, Aquaconnect had raised $4M in a pre-Series A round from Rebright, Flourish ventures and AgFunder.