January 23, 2024

Indian aquaculture startup secures US$6 million funding to expand technology and fintech solutions

Indian aquaculture startup, AquaExchange, has successfully raised US$6 million in a funding round led by Ocean 14 Capital, with participation from existing investors including Endiya Partners and Accion Venture Lab, The Economic Times reported.

The newly acquired funds are earmarked to scale the adoption of AquaExchange's full-stack business model, incorporating farm automation, crop financing, and harvest procurement. The startup also aims to extend its reach to selected international markets for device exports.

Founder of AquaExchange, Pavan Kosaraju, said that this round of funding strengthens the company's position as leaders in the aquaculture technology and fintech sectors. Kosaraju outlined the company's plans to enhance and expand its unique reinforcement framework, emphasising the immediate incentivisation of farmers for sustainable practices, reducing input costs and increasing offtake prices.

The infusion of funds will play a pivotal role in equipping more aquaculture farmers with cutting-edge technology to lower costs, boost productivity, and contribute to global protein sustainability. Based in Vijayawada, AquaExchange leverages technology to enhance crop yields, address crop risks, and counter rising input expenses. The company's devices facilitate farm automation and enhance crop visibility for lenders and customers.

AquaExchange's product portfolio includes PowerMon for power management and AquaBot for feed automation, both contributing to the advancement of aquaculture technology.

-       The Economic Times