Agritech startup Agrowave raised $2 million from Aroa Ventures, family office of Oyo founder Ritesh Agarwal, plans 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. “This funding will help us further expand our network of farmers, bring more transparency in the value chain, and most importantly positively impact the livelihood of farmers,” she said.
Founded in 2017, Agrowave is striving to build 40,000 mobile touch points at farm gates to procure directly from farmers. 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. Also, it is looking to expand in remote and hinterland areas where it intends to work with multiple skilled farmers and MPS(s).
“Small and marginal farmers are the backbone of this country and account for the majority of all farmers. Innovation and technology shifts in this sector are critical to ensure that they have access to the best markets and prices,” Gaurav Gulati, Head & CIO, Aroa Ventures, said.