Agritech Startup Agrowave Nets $2 Million Funding From Oyo Founder Ritesh Agarwal's Family Office
01/21/22, 7:52 AM
Location
Money raised
$2 million
Round Type
seed
Chennai: Agritech startup Agrowave said on Friday it has raised $2 million funding from Aroa Ventures, the family office of Oyo founder Ritesh Agarwal.
Company Info
Location
chennai, tamil nadu, india
Additional Info
The Gurugram-based company said it is planning to use the funds to expand the team and scale operations to achieve a monthly gross merchandise value or GMV of over Rs 100 crore. Besides its existing 3,000 mobile pickup stations (MPS), the startup is looking to invest in algorithms to efficiently optimize first mile logistics for its integrated network of Mobile Pickup stations. Anu Meena, founder at Agrowave said, the company is building solutions which enable farmers to sell their produce from their farm-gates in just a few clicks. After pivoting to the farm-to-mandi market place model, the company said it has achieved gross merchandise value (GMV) of approximately 15 crores, and 8000 tons in volume by operating in over 150 villages in December 2021. The company has already set up its base in Delhi-NCR, Haryana, Punjab, Uttar Pradesh, Madhya Pradesh, and Rajasthan, and now it plans to strengthen its presence in these markets further. Agritech startup Agrowave said on Friday it has raised $2 million funding from Aroa Ventures, the family office of Oyo founder Ritesh Agarwal.