Aquaconnect, one of Asia's largest aquaculture marketplaces, is looking to expand beyond the three states in India where it currently operates.
Rajamanohar Somasundaram, founder and CEO of Aquaconnect, said that the firm is reportedly planning to enlarge its presence in other geographies in India with the plans to increase its network of Aqua partners to approximately 1,000 from the existing 150 on the platform by the end of this year.
The Chennai-based firm provides real-time, tech-based farming solutions, aquaculture expertise, consultation, and export market access to coastal farmers.
Aquaconnect claims that its revenue grew by 15x and has secured $4 million in pre-Series A from Omnivore, Flourish Ventures, Hatch Blue, AgFunder, and Rebright Partners, and 6G Capital.
Additionally, Aquaconnect raised $7.8 million (Rs. 60 Crore) last month in a venture debt funding round headed by Trifecta Capital, a venture debt firm.
The firm operates in three states in India – Andhra Pradesh, Tamil Nadu, and Odisha said Mr. Somasundaram. With the latest fundraising, Aquaconnect is looking forward to enlarging into other geographies like Gujarat and West Bengal.
The firm is keen on improving its aqua partner numbers to around 1,000 by the end of this year. At present, the firm has around 150, so they will be planning to grow around 7X of that, which signifies that it will be able to serve around 150,000 shrimp and fish farmers in India.
He further said that Aquaconnect is currently considering adopting a risk mitigation strategy known as “boots on the ground and eyes in the sky”.
According to Mr. Somasundaram, with this expertise, Aquaconnect can recognize whether the pond is an aquaculture pond, a shrimp pond, or a fishpond and can even identify how long the farmer has been conducting aquaculture in that pond and on what date the culture is happening in addition with several other things. With this solution, farmers have better value realization for their harvest.