Powerhouse Ventures, a business-to-business cross-border agri commodity procurement platform, led the $2.1 million seed round of funding for Hectar Global. WEH Ventures, All In Capital, Indian Silicon Valley, Anant Sarda, and Adhish Ladha all participated in the round.
According to a press release from Hectar Global, the funds will be used to strengthen its digital infrastructure and enter new markets.
Hectar Global, a company co-founded by Srinath Srinivasan, Sibhi Kumaran, and Aswath Balaji, enables food buyers around the world to conveniently purchase container volumes of agricultural commodities. By digitizing intricate cross-border supply chain processes, the company’s platform increases its efficiency, transparency, and sustainability. It makes use of sophisticated data models and machine learning algorithms to deliver up-to-the-minute market data and useful insights, assisting customers in strategically planning their purchases to maximize profits.
The company, which is based in Chennai, has offices there as well as in Singapore, Dubai, Bangladesh, and Sri Lanka. It has sent over 50,000 MT of agricultural products to these regions as well as to Africa.