LeanCrop Technology Solutions Pvt Ltd, which runs agritech startup BharatAgri (formerly LeanAgri), has raised $1.6 million (around Rs 14 crore) in an extended Series A funding round led by Capria Ventures.
The round also saw participation from investors including Omnivore, India Quotient, 021 Capital, Ratnagiri Impex and Sanjiv Rangrass (Unitus Ventures), among others.
The Pune-based startup plans to use the fresh funds to boost its e-commerce vertical Krushidukan.
Founded by Siddharth Dialani and Sai Gole in 2017, BharatAgri offers paid subscription of its scientific agriculture advisory product to farmers. It has recently forayed into the e-commerce space with Krushidukan.
The startup claims to have worked with 1 lakh farmers and has witnessed maximum penetration across the states of Maharashtra, Uttar Pradesh, Madhya Pradesh, Rajasthan and Chhattisgarh.
Additionally, the company’s e-commerce platform claims to have grown at a cumulative monthly rate of 100% since its launch in September 2022.
“Our mission is to improve the quality of the farmers' harvest by scaling our personalized e-commerce offerings with fast doorstep delivery.” said Dialani.
In 2021, BharatAgri raised $6.5 million in a Series A funding round led by Omnivore. The round also saw participation from India Quotient and 021 Capital.
Founded in 2012, Capria is an early-stage venture capital firm based out of Seattle. The firm’s investments are early-stage tech-focused in the regions of India, Southeast Asia, Africa, and Latin America. The firm has offices in Bengaluru, Nairobi, and Washington DC as well as $1 billion worth of assets under management (AUM).
The agritech sector has seen a massive jump in terms of the quantum of investment in the last three years. As per The Inclusive Finance India Report, venture capital firms in India invested nearly $2.5 billion across agritech space in the last three years as against $3 billion over 12 years.
Last month, Bengaluru-based agritech firm Cropin Technologies raised $13.7 million from a series of investors including Google.
In December, DeHaat raised $60 million in a Series E funding round co-led by existing investors Singapore’s Temasek Holdings and Belgium’s Sofina Ventures.
