Delhi-based EM3 AgriServices Pvt Ltd, which provides farm services using modern agricultural machines and technologies, has received a commitment from Bangalore-based early stage investor Aspada Investment Company, for Rs 20 crore ($3.14 million) in a Series A round, according to a press release.
"EM3 is one of a few investments in Indian agriculture aimed at enhancing small hold farmers’ P&L accounts," said Rohtash Mal, chairman and MD of EM3 AgriServices.
Founded by father-son duo Rohtash Mal and Adwitiya Mal last year, EM3 Agriservices provides farm mechanisation and technology services. It has tied up with companies like John Deere, ITC, Syngenta Foundation and SFAC.
Sixty-one-year old Rohtash, an alumnus of Indian Institute of Management Calcutta and Indian Institute of Technology Delhi, has over 35 years of experience across multiple industries while Adwitiya is an MBA from University of Rochester and has worked at French firm, AXA.
"Services are delivered through EM3's farm service centres (Samadhan Kendras). Each centre delivers agri operations from soil to the farm gate. We have been operating in Madhya Pradesh for over a year and with Aspada's investment will create a pan-India network of Kendras," said Adwitiya.
"Over 18-24 months, we intend serve tens of thousands of farmers, enhancing yields of crops across multiple geographies. We will continue investing in team building, bolstering our technology platform, enhancing soil and chemistry research and augmenting our services and product portfolio," he said.
Aspada provides long-term growth capital to entrepreneurs who address large market needs. This is the second investment by Aspada in agricultural space this year. In March, it invested Rs 20 crore in Mumbai-based InI Farms Pvt Ltd, which operates across fresh fruit value chains in crops such as pomegranate and banana.
Previously, it invested in Capital Float, an online platform that provides working capital finance to SMEs (small and medium enterprises) in India; ThinkLink Supply Chain Services, a provider of turnkey project management, design, skill development and staffing services; NeoGrowth Credit, a merchant cash advance business that provides loans to small merchants; and Schedulers Logistics, a cold chain logistics firm.
"We believe EM3 can become India's first organised small-hold agricultural services platform and improve farm processes and productivity among small farmers in India," said Kartik Srivatsa, managing partner of Aspada Investment Advisors.
