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HomePosts Tagged "Lok Capital"
Agribusiness, Drones, Finance, Funding, India

Company plans to use the funds in developing advanced agricultural drones tailored to customer needs, expanding its channel partner network and service centres in Tier II and III cities.

Drone technology firm Marut Drones has bagged $6.2 million in Series A funding from investment firm Lok Capital. The Hyderabad-based company plans to use the funds in initiatives, including developing advanced agricultural drones tailored to customer needs, expanding its channel partner network and service centres in Tier II and III cities, and establishing drone agriculture service hubs to provide Drone-as-a-Service through partnerships.

“The fresh capital will allow us to make investments in building our team, increasing our manufacturing capacity to 3,000 drones per annum and marketing to continue scaling at a rapid pace to reach a revenue target of Rs1000 crore in the next five years,” CEO and co-founder Prem Kumar Vislawath said.

Company mentioned that it plans to allocate funds towards several initiatives, including development of advanced agricultural drones tailored to customer needs, expand channel partner network and service centres into tier 2-3 cities to better serve rural customers and establish drone agriculture service hubs to offer drone-as-a-service. Across all verticals, it aims to recruit professionals besides promoting drone entrepreneurship, launch 17 new drone academies to train skilled professionals and enhance research and development efforts towards creating advanced applications like direct seeding and crop monitoring.

Founded in 2019 by three IIT Alumni—Prem Kumar Vislawath, Suraj Peddi and Sai Kumar Chinthala- Marut Drones aims to play a pivotal role in modernising agriculture across diverse geographies. The drone tech company intends to create rural employment opportunities for Tier II and III cities, contributing to enhanced productivity and reduced input costs for farmers.

“We are excited to partner with the team at Marut to bring solutions to farmers and the broader rural economy,” Hari Krishnan, Director of Lok Capital, said in a statement.

“Drones for agriculture are a novel technology that can secure the health of crops, while also saving water, preserving soil health, avoiding exposure to chemicals, increase yield to farmers and providing income to village-level entrepreneurs,” Krishnan added.

 Marut Drones Co-founder and Chief Executive Officer Prem Kumar Vislawath, noted that the fresh capital will also allow the firm to make investments in building its team, increasing its manufacturing capacity to 3000 drones per annum, and marketing. The company has over 200 team members and a fleet of 750 drones and over 1,000 drone pilots across 14 states in India.

It plans to recruit professionals across all verticals and foster drone entrepreneurship. The firm also intends to launch 17 new drone academies to train skilled professionals and enhance its research and development efforts in partnership with leading institutions in India to create advanced applications like direct seeding and crop monitoring.

The Hyderabad-based company is also exploring disaster management and surveillance applications as it intends to become a comprehensive drone technology provider. It aims to reach a revenue target of 1000 crore in the next five years. Drone startups secured $50 million in investment in FY24, marking a threefold increase from the previous year, according to NITI Aayog. A report by NITI Aayog notes that the unmanned aerial vehicle market in India is projected to reach $15 billion by 2030.

The Indian drone market is expected to grow significantly, with drone volumes increasing to 61,393 units by 2029 from 10,803 units in 2024, according to projections by markets research firm Markets and Markets.

Company plans to use the funds in

Company News, Finance, India

This investment from Lok Capital aligns with the company’s vision to reach more underserved areas and offer financial inclusion opportunities to a broader audience

Seeds Fincap Pvt. Ltd., an MSME-focused financial institution with a presence in six states through a network of 72 branches, has raised its Series A1 round funding from Lok Capital. The investment will be used as growth capital by the company to accelerate expansion in existing and new geographies in the upcoming fiscal year.

Lok Capital has committed to invest INR 500 million in Series A, of which the first tranche of INR 320 million has been closed. Bolstering its capabilities and laying the foundation for transformative growth, this financial boost not only strengthens SEEDS’s financial prowess but also stands as a resounding endorsement of the institution’s unwavering dedication to promoting financial growth.

Seeds Fincap was founded by Subhash Acharya and Avishek Sarkar in 2021 with the objective of meeting the financial needs of small businesses with customised products with a clear focus on risk management and leveraging technology. With Assets Under Management (AUM) of INR 212 crore, Seeds Fincap has over 700 employees and an impressive track record of facilitating over 40,000 disbursements totalling INR 340 crore.

Seeds Fincap Pvt. Ltd.’s strategic expansion plan includes entering new geographies while simultaneously expanding its footprint in existing states. This investment from Lok Capital aligns with the company’s vision to reach more underserved areas and offer financial inclusion opportunities to a broader audience.

Subhash Chandra Acharya, MD and CEO of Seeds Fincap Pvt. Ltd. commented on this milestone, “With the support of Lok Capital, Seeds Fincap Pvt. Ltd. is gearing up for an exciting phase of growth and empowerment. We are thrilled to embark on this exciting phase of growth and expansion. The Series A funding is a testament to our dedication to empowering MSMEs and fostering economic development at the grassroots level Seeds Fincap Pvt. Ltd.’s accomplishment in securing Series A funding marks a pivotal juncture in its journey to redefine financial empowerment in India.”

Vishal Mehta, Founder and Partner at Lok Capital noted, “We have been impressed by Seeds’ systems-driven approach, leveraging technology, hands-on operational management, and a strong focus on credit and risk. This aligns with our approach to investments in the financial services domain, and we look forward to working with the team as they expand into underserved geographies in north and central India.”

This investment from Lok Capital aligns with

Acquaculture, Company News, Finance, India

Aquaconnect will utilise the fresh funds to widen its service offerings in both the pre-harvest and post-harvest aquaculture value chain

Aquaconnect, a full-stack aquaculture platform announces that it has raised $15 million (Rs 120 crore) in a Series A funding round, led by Lok Capital, with participation from Louis Dreyfus Company Ventures, Suneight Investment along with existing investors including Omnivore, Rebright Partners, Flourish Ventures, HATCH and other debt investors participated in the round. 

Aquaconnect will utilise the fresh funds to strengthen its portfolio of scalable solutions that use AI and Satellite remote sensing and widen its service offerings in both the pre-harvest and post-harvest aquaculture value chain (to input retailers, seafood buyers and other stakeholders). 

Aquaconnect aims to grow stronger in the pre-harvest chain by tripling its AquaPartners network to amplify the impact across India. Currently, the company has a network of 500+ AquaPartners (rural entrepreneurs who provide last-mile assistance), serving over 90,000+ fish and shrimp farmers. 

Commenting on the Series A fund round, Rajamanohar und,Somasundaram, Founder & CEO Aquaconnect,said, “We’ve added about 500 AquaPartners in the last 12 months and this phygital network has helped us scale phenomenally across 6 major aquaculture production states. In the next 12 months, we are set to triple our AquaPartners’ network across India and optimise our service offerings.”

In the post-harvest chain, the company aims to scale its seafood market linkage across domestic markets in India. Further, Aquaconnect plans to accelerate seafood exports to the top import markets like the US, China and Japan and capture a significant share in the blue protein segment, globally. 

“We have been operating our domestic market linkages & overseas exports under stealth. As our pilots have shown great success, our team is geared up to scale the success we have achieved and enhance our B2B offerings in the next 12-18 months”, added Rajmanohar Somasundaram.

“Aquaculture is a great means for smallholder farmers to enjoy significant upward economic mobility. While Aquaculture might seem like a niche Agtech space, it is the sunrise sector in India showing double-digit YoY growth with a $15 billion market opportunity. However, the industry is hampered by inefficiencies in the value chain and poses a huge scope for tech disruption. Yet its true potential is untapped. Aquaconnect, with its deep-tech intervention, has the potential to disrupt the Indian aquaculture value chain and emerge as a key player in the growing blue food segment. We are excited to be a part of Aquaconnect’s growth, while it chases its aspiring goals and scales its operations in the domestic and global markets” said Hari Krishnan, Partner, Lok Capital. 

“Next 12-18 months will be challenging and exciting at the same time, the fresh funds will help us to accelerate our efforts and strengthen tech capabilities and bring efficiency and transparency in the aquaculture value chain,” said Rajmanohar Somasundaram. In July last year, Aquaconnect had raised $4 million in a pre-Series A round from Rebright, Flourish ventures and AgFunder. 

Aquaconnect will utilise the fresh funds to