Agritech startup Ergos, on Friday, announced that it has secured $10 million in its Series B funding. The funding round was led by Norway-based investing giant Abler Nordic. Other prominent investors included Aavishkaar Capital, Chiratae Ventures, and Trifecta Venture Debt Fund.
Ergos has raised the funds in a mix of equity and debt funding, the company said in a press release.
Ergos, a Bengaluru-based startup, was founded in 2012 by Kishor Kumar Jha and Praveen Kumar. The company is known for bringing revolution in the grain storage sector. The company enabled farmers to transform their produce into digital assets that can be traded.
The company also enabled farmers to avail credit via NBFCs and banks against the grains they stored. This also helps farmers to get an end-to-end post-harvest supply chain solutions by leveraging technology.
Kishor Jha, Founder and CEO, Ergos said, “Ergos’s comprehensive Grainbank platform enables farmers to make optimal decisions on the sales/storage of their produce, access credit from Banks as well and get access to competitive prices through planned liquidations and access to a wide spectrum of buyers. We are overwhelmed by the immense opportunity ahead of us and we intend to further deepen our presence amongst the farming community even whilst we rapidly scale our operations.”
As per the latest figures, the company caters to 1.6 lakh farmers on its platform and has farm gate-based warehouse, branded as Grainbank, at over 200 locations across Maharashtra, Bihar and Karnataka. Ergos, over the past years, has helped farmers increase their income by 30-35% in a year.