Mumbai: Ergos, a leading agritech startup founded by Kishor Jha and Praveen Kumar, has received a fresh investment of Rs 22.5 Cr (USD 3 Million) from CDC, the UK’s impact investor and development finance institution with over 70 years of experience investing in emerging markets, to close Rs 81-Cr (USD11 Million) fundraise with participation from other two investors namely Aavishkaar Capital and Chiratae Ventures.
Ergos has been building a unique Grain Bank model that has been piloted in Bihar. The unique model enables farmers to digitize their food grain and also provides them doorstep access to end-to-end postharvest supply chain solutions by leveraging its technology platform. The Ergos platform operates as a bank and offers Storage, Digitisation, Credit, and Liquidation facility to farmers and has consistently helped them achieve significantly higher incomes for their produce.
Kishor Jha, Founder & CEO, Ergos reflecting on his journey commented, “We are building Ergos primarily to extend post-harvest support to small and marginal farmers on storage, credit, and market linkages at farm-gate. We are leveraging technology to empower farmers and enable them to be key decision-makers with respect to their crop produce. We are extremely excited to have CDC on board and along with the continued support from Chiratae Ventures, and Aavishkaar Capital, we intend to rapidly scale our geographic footprint and remain steadfast in our desire to cater to millions of farmers directly at farm-gate over the next few years.”