Kerala-based agritech start-up Greenikk, which launched the nation’s first full-stack provide chain connecting banana cultivators, wholesalers, exporters and B2B consumers on a single platform, has raised ₹5.04 crore in pre-seed funding from a string of institutional funders, angel traders and serial entrepreneurs from throughout the nation and overseas.
Launched in January 2020, Greenikk has constructed enablement centres in main banana producing agri-belts in Kerala, Tamil Nadu and Karnataka. It gives banana farmers with numerous sorts of help resembling finance, seeds, crop advisory, insurance coverage protection, agri inputs and market-connect, overlaying the complete gamut of manufacturing and advertising contained in the nation and out of doors. Of the pre-funds raised, ₹3.34 crore will likely be in fairness and the remainder in debt, stated Fariq Naushad and Previn Jacob, co-founders of the start-up that was incubated at Indigram Labs, Delhi.
9 Unicorn Ventures leads
These funds have come from lead investor 9 Unicorn Ventures; Kerala-based angel group Sensible Spark Ventures; Manish Modi who heads Mauritius-based Mastermind Capital Ventures and is invested in a number of agritech start-ups and likewise sits on the funding committee of Enterprise Catalysts; Saurabh Agarwal and Mayank Tiwari, founders of Reshamandi that has to date raised $40 million; and Arjun Pillai, who sits on the board of the Nasdaq-listed Zoom Information.
The listing of funders for the start-up that had earlier secured grant from Biotechnology Trade Analysis Help Council (Birac) additionally contains 1.0 Ventures, a US-based angel group with a mixture of founders and professionals who make investments into early-stage know-how start-ups; Amit Antony Alex, former Nation Director, Upaya Social Ventures; serial entrepreneur Shiv Shankar; and Aman Tekriwal (Maxar VC) with a lot of startup investments beneath his belt.
Subsequent fund elevate plan
Amongst different traders are the IIM-Ahmedabad accelerator Centre for Innovation Incubation and Entrepreneurship, Suresh Aravind, former Worldwide Vice-President, Johnson & Johnson; and Sriram Seshadri, a US-based serial entrepreneur. The Greenikk co-founders stated the funds will likely be primarily to used to determine mannequin enablement centres, achieve traction and construct a scalable enterprise mannequin as additionally for hiring. “We plan to hit ₹100 crore in annual recurring income (ARR) by FY23. The following fund elevate proposes to draw ₹50 crore from prime enterprise capital funds within the nation, a few of whom have already made commitments for funding,” they identified.