It will sell inputs such as feed and equipment to aquaculture farmers
Aquaconnect, the aquaculture technology start-up, has launched three centres in Andhra Pradesh, at Bapatla, Ongole and Avanigadda, to facilitate technology adoption among farmers in the region.
These centres, called Aquaconnect Hubs, will sell inputs such as feed and equipment to aquaculture farmers and also provide them access to banks and financial institutions.
Rajamanohar Somasundaram, CEO and Founder, Aquaconnect, said through these hubs the company expects to demonstrate the use of technology and farm management applications among the farmers. Aquaconnect already has two such hubs operational in Tamil Nadu and plans to set up 20 more hubs in States such as Andhra, Gujarat, Tamil Nadu and Odisha over two years. The company expects to employ over 700 people through the hubs.
Aquaconnect is partnering with three banks to help shrimp and fish farmers’ access credit through these hubs, which will also provide farm advisory solutions and act as a diagnostic centre for aquaculture.
Somasundaram said the technology adoption among aquaculture farmers is still in early stages and Aquaconnect sees a big growth potential. Shrimp producers are looking at technology adoption to drive down their production costs and become more efficient in the global market, where they are facing increasing competition from countries such as Vietnam and Indonesia, he added.
India produces fish and shrimp worth $17 billion or ₹1.3 lakh crore every year. Fish production is estimated at 8 million tonnes, while shrimp output is pegged around 7 lakh tonnes.
India exports about 95 per cent of the shrimp produced to countries such as the US, China, European Union and Japan. The US is the largest importer of Indian shrimps.
India is the largest exporter of frozen shrimp with estimated export earnings of $5 billion. Fish exports are pegged at $2 billion. Total aqua produce exports are estimated at $7 billion.
