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HomePosts Tagged "Amit Kumar"
Agribusiness, Farm Mechanisation, Funding, Investments, Start ups, World

22 investments have happened through all three platforms and the fund in 2024.

ah! Ventures invests in Agrilectric Pvt Ltd, that was founded in May 2022 with the vision of making farming lucrative again by upgrading the existing farm machineries & equipment to be more cost-effective, smarter and easier to use, through its First Gear Platform. ah! Ventures has done 221 investments in 130 startups till date taking its total investment portfolio to Rs 437 crore (54 MN USD) with 17 exits and 55 follow on rounds. 22 investments have happened through all three platforms and the fund in 2024.

Tech advancement in recent years is making it possible for smart electric propulsion system to replace engine-based systems, the switch can be immediate and extremely lucrative when the said engine system is being rented. The Indian farming eco-system consisting mainly of small and marginal farmers, all right within this sweet spot, opening up a huge disruptive opportunity. With our 3 layered strategy of electrify first, smartify second and autonimify third, we hope to elevate the farming experience and make it lucrative again.

The first two products that have been developed are ‘e-negilu”, the patented 5.5 Kw electric tiller and “e-kathri”, the 2 Kw electric weed cutter. Running cost of both of them is less than 10 per cent of a conventional engine-based system, while capable of maintaining the same efficiency of work. The products are state of the art and comes with a host of features like speed/current and torque control, with capabilities of remote monitoring and debugging.

Pushpa Gopal, Founder at Agrilectric says, “Apart from developing our own products, on the soft IP side, we have incorporated our unique S3 (self-stabilising system) & MCSA (motor current signature analysis) tech. The S3 tech basically enables a 55-Year-Old woman or a 20-Year-old man to be able to till the land with the same amount of efficiency, thus empowering almost anyone to be able to do their own tilling, whereas the MCSA allows us to create a digital twin capable of predictive maintenance.

The two products have been made available to the farmers for testing and feedback at various events/fairs and agri institutes, the response has been quite remarkable (Check Our Video) and have actually forced us to prepone our fund-raising plans by around 3-6 months to start commercialization as soon as possible.”

Pushpa Gopal also adds, “We are grateful and thankful to collaborate with AH Ventures who share our vision of empowering small and marginal farmers, enabling and guiding us to traverse the nuances of building a business from scratch up.”

Amit Kumar, Senior Partner at ah! Ventures said, “We are extremely excited to partner with and support Agrilectric’s exciting initiative. The Agri space is ripe for disruption especially on the farm equipment front. I am sure the company with its thorough research and innovative approach will act as a changemaker in this ever-evolving space.” ah! Ventures is one of the world’s largest fundraising platforms for early-stage startups”.

ah! Ventures is one of the world’s largest fundraising platforms for early-stage startups raising up to 10 MN USD. ah! Ventures has three platforms: First Gear, which helps startups raise up to Rs 1 crore (USD 150K), Angel Platform, which helps startups raise up to 1 million USD and High Tables Platform, which helps startups raise 1-10 MN USD.

22 investments have happened through all three

Agribusiness, Company News, Finance, India, Investments, Start ups

Eeki will commence exports of vegetables to international markets including UAE, Singapore and Europe in the next few months.

Eeki, a pioneering agritech startup cultivating nutritious vegetables in a sustainable manner, plans to invest Rs 700 crores over the next two years to scale up operations and enhance its domestic and global presence. The immediate expansion will take the company from Rajasthan and Haryana to Madhya Pradesh, Maharashtra, Tamil Nadu, and internationally into Oman. Eeki will also commence exports of vegetables to international markets including UAE, Singapore and Europe. Eeki’s technology produces 180 tonnes a year per acre, which is 18 times more than traditional farming. Eeki is the largest independent controlled environment farming company which will scale to 800 acres in the next two years.

“We are looking to expand our footprint into other states in India by partnering with like-minded landowners and partners. Our patented growing technology makes farming sustainable and climate proof, enabling year-round cultivation. Eeki farms deliver 18 times per acre yield as compared to traditional farming on even barren or unused lands at the similar cost, while using 80% less water,” said Abhay Singh, CEO & Co-Founder of Eeki.

“Automation lies at the core of Eeki’s operations, enabling seamless control of climate, irrigation, and nutrition through a cloud-based platform. We optimize yield and ensure crop health by detecting possible diseases early using image processing powered by machine learning and robotics” he further added.

“We at GC are inspired by daring founders like Abhay and Amit at Eeki who are building businesses with a focus on financial and societal return. Their business model and innovative solutions exemplify our aspiration to advance inclusive prosperity and make a meaningful difference in the lives of thousands of farmers,” said Anand Chandrasekaran Venture Advisor at General Catalyst.

“Our vision is to eradicate malnutrition globally by providing nutritious, residue-free vegetables accessible and affordable to all.  Our revolutionary approach has utilised barren land for cultivation and created a significant socio-economic impact. We have saved 13,000 kilograms of fertilisers, conserved 12 Crore Litres of water every year, and generated employment for over 150 rural women, empowering local communities and driving positive change” added Amit Kumar, COO & Co-Founder of Eeki.

“As Eeki’s first institutional investor, we are excited by the potential their patented technology holds to revolutionize current farming practices and build a climate-resilient agriculture ecosystem. We look forward to having landowners across India and the world become a part of our journey of producing nutritious vegetables at market prices, making malnutrition a thing of the past,” said Anjali Bansal of Avaana Capital.

Eeki previously secured a Series A funding of $6.5 million from institutional investors including General Catalyst and Avaana Capital positioning the company to achieve its growth objectives. Eeki is already profitable and aims to achieve a revenue of $100 million in the next two years.

Eeki will commence exports of vegetables to

Agrotech, Company News, India, Sustainability

The partnership will promote innovation and digitalisation of PMFBY and strengthen risk financing for a resilient farm sector in India

United Nations Development Programme (UNDP) and Absolute Foods, a leading bioscience company specialising in agri-tech, signed a Memorandum of Understanding (MoU) to strengthen the government of India’s flagship Pradhan Mantri Fasal Bima Yojana (PMFBY) and enhance the resilience of the farmers.

The partnership between UNDP India and Absolute Foods aims to enhance the implementation of the PMFBY and the Restructured Weather-Based Crop Insurance Scheme by building technical capabilities of the scheme and digitalising service delivery of crop insurance and agricultural credit processes to increase the reach and uptake of the schemes. It will also promote credit profiling of farmers, agri-entrepreneurs, and Farmer Producers Organisations (FPOs), for accurate crop loss assessment and risk evaluation to mobilise agriculture financing.

UNDP and Absolute Foods will also use advanced technology and data-driven solutions to facilitate farmland identification and enhance farm monitoring, R&D, and analytical capabilities to facilitate data-driven policymaking and fraud analytics, ensuring efficient and transparent delivery of government support to vulnerable farmers.

Speaking on the partnership, Agam Khare, Founder & CEO, of Absolute Foods, says, “There are around 150 million farmers in India. We feel privileged to partner with UNDP India to enhance the risk resilience and protection of the farming community in India. With this collaboration, we are moving one step closer to achieving our goal of empowering farmer communities & making agriculture climate resilient in India.”

UNDP has been working with the Ministry of Agriculture & Family Welfare since 2018. In 2022, UNDP’s technical support unit at the Ministry helped reach out to 1.71 crore farmers through various information, education, and communication (IEC) campaigns such as Crop

Insurance Week and organised more than 2.39 lakh Fasal Bima Pathshalas or crop insurance classroom sessions.

“Risk is an inherent part of agriculture and is one of the biggest roadblocks in improving the lives of farmer communities in India. This collaboration is an important step towards strengthening the risk and credit ecosystem for agriculture in India. UNDP India is committed to working with the government and partners to help farmers in India rise with resilience”, says Amit Kumar, Head, Sustainable and Inclusive Growth, at UNDP India.

The partnership will promote innovation and digitalisation