Agri Supply Chain Startup Ergos Closes INR 81 Cr Series A With CDC Group Funding
Summary
In October 2020, Chiratae Ventures infused INR 23.5 Cr as part of the same round.Ergos offers solutions for warehousing for farmers through its tech-enabled GrainBank that has been piloted in Bihar. The company intends to expand its footprint in more states with the new round of capitalFounded in 2012 by Kishor Jha, Priyanka Kumari and Praveen Kumar, Ergos is an agri-supply chain startup that helps small and marginal farmers in India digitise their food grain distribution. Moreover, the platform also operates as a bank and offers several facilities storage, digitisation, credit, and liquidation.The agritech startup claims to be supporting more than 25,000 farmers on its digital platform and has a physical footprint in 80 locations.We are working on an expansion plan to set up at least 500-600 GrainBanks across Bihar and other conjugated states but primarily will remain focused on Bihar market only which is close to $ 12 Bn market for the commodity we manage i.e. wheat, maize and paddy. As they are already operating in 14 districts, the next strategy would be to go deeper and penetrate with one GrainBank at every panchayat level, said Jha.According to the latest EY India report, adoption of agritech presents a market potential of $24 Bn by 2025. Many other top investors such as Omidyar Network, Arkam Ventures, Ankur Capital and Accel Partners have also shown keen interest in agritech for the past six-seven years.
Funding
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