Indian agritech startup Arya raises USD 21 million
Summary
Indian agritech startup Arya Collateral said Monday it has raised USD 21 million in its Series B round led by Quona Capital, a venture firm focused on fintech in emerging markets, alongside existing investors LGT Lightstone Aspada and Omnivore. The latest round that was a mix of equity and debt fund will be used to expand financing to farmers through the company’s embedded fintech arm, Aryadhan, and to strengthen its digital post-harvest services and market linkages platform, www.a2zgodaam.com. Arya works in tandem with all the stakeholders related to agriculture including farmers, enterprises that process large quantities of produce, financial institutions, and international buyers. “Of the food grains worth USD 130 billion produced by India annually, there are huge losses in primary and secondary markets due to lack of storage, forcing farmers to sell off-cycle for lower returns,” said Arya’s co-founder and CEO, Prasanna Rao. Investment in Indian agritech startups has seen a significant boost this year bagging a total of USD 532 million till April 2020, according to a report by Ernst & Young India.