Bihar: Agritech startup Ergos has raised additional funds in its ongoing Series A round from London-based development finance institution CDC Group.
In October, the Patna-based startup had topped up its Series A round from Chiratae Ventures and its early backer Avishkar Bharat Fund (ABF).
Floated by Kishore Kumar Jha, Praveen Kumar, and Priyanka Kumari, Ergos works on a farm-gate based Grainbank model that enables farmers to convert their grains into tradable assets, avail credit against their stored produce via NBFCs and banks, and get better prices for their produce. It also provides them with end-to-end post-harvest supply chain solutions by leveraging technology.
According to the company’s website, more than 32,000 farmers are registered on the platform who have sold Rs 126 crore worth of produce.
With a physical footprint in more than 60 locations in Bihar, Ergos targets to scale into nearby states and serve more than a million farmers by 2025 with over 2,000 branch locations.