Other investors Sequoia Surge and Omidyar Network have infused Rs 15 crore and Rs 17 crore, respectively.
B2B agritech startup Bijak has raised about $12 million (Rs 90.76 crore) in its Series A funding round led by Russian venture capital firm RTP Global. Sequoia-backed Surge Ventures, Omidyar Network, AL Trust, Tempo Ventures and Omnivore Partners also participated in the financing round, according to the company’s regulatory filings.
While the round was led by Moscow-based Ru Net Enterprises, which pumped in Rs 38 crore, it also saw participation of its existing backers Sequoia Surge and Omidyar Network. They have infused Rs 15 crore and Rs 17 crore, respectively.
Bijak, which was part of Sequoia’s accelerator programme Surge 2.0, had raised Rs 20 crore in its seed round. The startup was founded in 2019 by Nikhil Tripathi, Mahesh Jakhotia, Nukul Upadhye and Jitender Bedwal. It currently has a 50 member team which works out of Gurugram. It operates across 22 states and 400 districts.
The start-up raised $2.5 million as part of seed funding from Sequoia’s SurgeAhead, Omidyar Network, Omnivore and other angel investors last December. At that time, the company’s founder Nukul Upadhye had said: “We are targeting a $200 billion market in India, which has almost five million-plus middlemen”.
Bijak is trying to digitise and organise the agro procurement market by connecting buyers and sellers through a single platform. It runs a marketplace which offers transparent pricing, easy payments, complete documentation and record keeping for participants in the agro procurement chain.
