Aquaconnect Secures $4 Mn To Transform Indian Aquaculture

Aquaconnect Secures $4 Mn To Transform Indian Aquaculture

SUMMARY

The startup will use the fresh funding to ramp up its operations, expand its footprint, shore up its tech stack, diversify product portfolio and double its network of partners

Backed by names such as AgFunder, Omnivore and Rebright Partners, Chennai-based Aquaconnect claims to have scaled up its revenues by 4X in the last fiscal year

Founded by Rajmanohar Somasundaram, Aquaconnect is a full-stack aquaculture platform that operates last-mile touchpoints and even offers credit services to its retail partners

Chennai-based full-stack aquaculture startup Aquaconnect has raised $4 Mn (INR 33 Cr) as part of a Pre-Series B funding round led by US-based S2G Ventures.

The startup will use the fresh funding to ramp up its operations and expand its footprint across the country. The capital will also be deployed to shore up its tech stack, diversify product portfolio, venture into new segments and double its network of partners in the next six months. 

“The investment from S2G reinforces our mission of transforming the Indian aquaculture landscape through a  phygital approach. The funds come at a critical juncture as we gear up for our next phase of growth to capture new opportunities, with an intense focus on expanding our operations in major markets,” said Aquaconnect founder and chief executive officer (CEO) Rajmanohar Somasundaram.

Commenting on the fundraise, managing director at S2G Ventures Kate Danaher added, “As a leading organisation in the second largest aquaculture market in the world, we believe Aquaconnect is ideally positioned to capture meaningful market share and contribute to a future of sustainable growth across the sector.”

Founded in 2017 by Somasundaram, Aquaconnect is a full-stack aquaculture platform that leverages AI and remote sensing data to predict demand for farm inputs and the supply of harvest produce.

Cashing in on this data, it operates offline last-mile touchpoints that connect aqua farmers with farm input brands. It also partners NBFCs to offer formal credit services to its retail partners and seafood buyers to address working capital needs.

RECOMMENDED FOR yOU
card-img
card-img
card-img

Aquaconnect claims to be present in six states and have more than 500+ on-ground partners. It also claims to serve more than 30 brands and have scaled up its revenues by 4X in the last fiscal year.

This comes more than a year after the startup last raised $15 Mn as part of a Series A funding round led by Lok Capital in December 2022. Prior to that, it also secured $8 Mn in venture debt from Trifecta Capital in early 2022. 

The startup is also backed by names such as Louis Dreyfus Company Ventures, Suneight Investments, AgFunder, Omnivore, Rebright Partners, among others. 

It competes with the likes of names such as AquaExchange, Captain Fresh, Eruvaka, among others. 

Curiously, the development comes just days after AquaExchange secured $6 Mn in its Series A funding round led by London-based PE firm Ocean 14. 

India’s aquaculture market continues to be a largely unorganised space that is populated by local players. But as exports and domestic consumer demand for seafood rise, Indian aquaculture startups are looking to tap into technology to streamline procurement of feed and predict market trends. 

As per a report, India’s aquaculture industry is projected to grow to a market size of $29.37 Bn by 2028.

Step up your startup journey with BHASKAR! From resources to networking, Bhaskar connects Indian innovators with everything they need to succeed. Join today to access a platform built for innovation, growth, and community.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Black Friday Sale Is Live, Get Up To 70% Off

Become A Startup Insider With Inc42 Plus

Sale Ends In
countdownmail.com
2 YEAR PLAN
₹19999
₹6999
₹291/Month
UNLOCK 65% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹3999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Aquaconnect Secures $4 Mn To Transform Indian Aquaculture-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Aquaconnect Secures $4 Mn To Transform Indian Aquaculture-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Aquaconnect Secures $4 Mn To Transform Indian Aquaculture-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Aquaconnect Secures $4 Mn To Transform Indian Aquaculture-Inc42 Media
Aquaconnect Secures $4 Mn To Transform Indian Aquaculture-Inc42 Media
You’re in Good company