Aquaculture fintech platform AquaExchange, based in Andhra Pradesh, has raised $3 million in funding led by Endiya Partners and Accion Venture Lab (about Rs 23 crore). Existing investors also took part in the investment round for the aforementioned company.
According to a statement made by a firm spokesman, the tech-driven platform has been providing services to India’s multi-billion-dollar shrimp and fish ecosystem and is planning to use the funds to expand its farm automation footprint to over one lakh acres of farms by FY2.
According to a statement from the business, it has secured $3 million from Endiya Partners and Accion Venture Lab. AquaExchange’s IoT-based solution seeks to boost productivity and revenues for shrimp and fish producers.
Founded in 2020, the firm offers high-quality inputs at competitive prices directly from manufacturers using an e-commerce platform that is fintech enabled.
When speaking about the funding, Dr. Ramesh Byrapaneni, managing director of Endiya Partners, said, “We are thrilled to back AquaExchange in their mission to redefine the aquaculture scene in India and globally to benefit a significant number of aqua farmers. Along with improving efficiency throughout the aquaculture value chain, AquaExchange will also produce data-driven insights to expand access to formal loans.
The main goal, according to AquaExchange’s founder Pavan Kosaraju, “is to add value to the aquaculture farming process through the use of innovative technologies.”
PowerMon, a tool from AquaExchange for power management, and AquaBot, a tool for feed management, both have patent rights. AquaBot enables farmers to properly feed their ponds and maintain optimum feed conversion ratios, while PowerMon uses a mobile app to monitor farms and adjust aeration. The owners of NextAqua, Kareem and Kiran, merged with AquaExchange earlier this year.