Agrizy, a B2B marketplace for agrifood supply chains and processing, has successfully closed a $9.8 million Series A funding round, co-led by Accion and Omnivore. Established in 2021, Agrizy aims to revolutionize the agrifood industry by offering a fully managed platform for MSMEs.
The newly acquired capital will be instrumental in driving Agrizy’s strategic goals, including international expansion, the introduction of value-added advisory services, and the provision of financial services tailored for MSME processors and farmer-producer organizations.
Co-Founder Vicky Dodani outlined the company’s key initiatives in an interview with CNBC-TV18. With the recent funding, Agrizy plans to:
- Expand Geographically: Enter new markets to broaden its reach.
- Enhance Processing Capabilities: Develop in-house R&D and quality labs to improve product development and processing.
- Develop Financial Services: Create a fintech platform to offer MSME food processors access to competitive working capital.
- Advance Technology and Product Development: Invest in tech enhancements crucial to Agrizy’s operations.
Despite MSMEs in the agri-sector being classified under priority sector lending by the RBI, Dodani pointed out that banks often struggle to meet targets due to a lack of organized transaction platforms. Agrizy’s scoring models help address this issue by evaluating MSMEs’ transaction and payment histories, thus facilitating better connections between banks and processors.
Agrizy currently operates with an annual revenue run rate of $35 million and aims to increase this tenfold within the next 2.5 years. The company works with over 300 suppliers and is focusing on global market access for its products.
In related news, airship development firm Empyreal Galaxy has secured seed funding from Atal Incubation Centre RMP. The funding will be used to boost manufacturing capacity and enhance the company’s industry position. Empyreal Galaxy aims to address global infrastructure challenges with innovative and eco-friendly airship solutions.
Founder & CEO Shailesh Dhuri noted that the seed funding will expand manufacturing from 50-20 airships to potentially hundreds, as the company seeks additional investment to scale production. Dhuri highlighted the airships’ eco-friendly attributes, noting their significantly lower power consumption compared to conventional aircraft and drones.
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