Company aims to extend post-harvest support to small and marginal farmers on storage, credit and market linkages at farm-gate.
Agritech start-up Ergos announced that it has received Rs 22.5 crore (USD 3 million) from the UK’’s CDC Group as the closure to its Series-A round, which constituted Rs 81 crore (USD 11 million). Earlier in March, the Ergos Series-A round of funds included Rs 35 crore (USD 4.9 million) investment from Aavishkaar Capital and Rs 23.5 crore (USD 3.1 million) from Chiratae Ventures, the company said in a statement.
“We are building Ergos primarily to extend post-harvest support to small and marginal farmers on storage, credit and market linkages at farm-gate. We are leveraging technology to empower farmers and enable them to be key decision-makers with respect to their crop produce,” Company said.
Ergos founder and CEO Kishor Jha said, “We are excited to have CDC on-board and along with the continued support from Chiratae Ventures and Aavishkaar Capital. We intend to rapidly scale our geographic footprint and remain steadfast in our desire to cater to millions of farmers directly at farm-gate over the next few years.”
CDC Group Head (South Asia Private Equity Funds) Craig Gifford also said, “Investing to support small-holder farmers and improve their livelihoods is a strong demonstration of how we use our capital at CDC”.
