Aqgromalin raised Rs 5.5 crore in funding led by Zephyr Peacock India Growth Fund. As part of the deal, Zephyr Peacock, provider of growth capital to small and medium enterprises, will constantly increase its exposure as the company grows, the release said.
Founded in 2019 by Prasanna Manogaran and Bharani C.L, Aqgromalin is a platform that facilitates farmers to diversify into animal husbandry and aquaculture. The company has reached over 40,000 livestock farmers in Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Assam, West Bengal, Orissa, and Kerala. The company plans to reach over 1,00,000 farmers by the end of the year.
“Animal husbandry and aquaculture sector in India is underserved and highly fragmented. Livestock farmers face several issues including limited availability of quality inputs, lack of quality feed, and lack of access to markets,” said Prasanna Manogaran, Co-founder and CEO, Aqgromalin. Aqgromalin plans to use the funds for team expansion, technology development, category addition, and geographical expansion.
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“The livestock industry plays a critical role in the Indian economy. It contributes over 4 per cent of the GDP and gives employment to millions in the rural economy. However, the industry is highly unorganised, and farmer income is low. Aqgromalin uses technology that would help address the pain points across the livestock value chain and develop the access of inputs and markets for the ecosystem participants,” said Pankaj Raina, Managing Director, Zephyr Peacock.