In its pre-Series A round, agritech startup Balwaan raised $2 million from investors including Pulkit Bachhawat, the founder of Right Pillar Advisors, Deepak Agarwal, the MD of the Bikaji group, and Caspian Leap for Agriculture Fund, an agri-focused fund managed by Caspian Equity.
Balwaan intends to create new products with the recently raised funds and build a pan-Indian distribution network for their current offerings. Additionally, this funding is used to support Balwaan’s plans for growth in India’s southern and eastern regions.
Balwaan, a company founded in 2016 by Rohit and Shubham Bajaj, offers affordable and efficient machinery to manage small and marginal farms, which increases production, enhances farmers’ lives, and changes rural communities.
Balwaan claims to have sold over 60,000 pieces of equipment, covering close to 10,000 hectares of land, prior to this funding round. Products from the company have been acknowledged as top sellers in their respective categories on well-known online marketplaces like Amazon and Flipkart.
It can fulfill more than 1,000 orders per day thanks to its 15,000-square-foot storage space. The business also has a committed after-sales support team made up of agricultural graduates who offer farmers prompt assistance and knowledgeable direction.
To increase its reach and provide a wide range of products, the company has formed partnerships with BigHaat, Moglix, IndustryBuying, Freshokarts, Tractor Junction, and other companies.
Caspian Equity, a manager of venture capital funds, intends to invest in and support seed and pre-series A startups in the agriculture and agritech sectors through its fifth fund, the Caspian Leap for Agriculture Fund (LEAF). Caspian LEAF will concentrate on high-impact solutions for farmers, environmentally friendly farming methods, enabling technology, and farm infrastructure.
