Agritech company Ergos raises $10 million

Bengaluru-based agritech firm Ergos has raised $10 million in equity and debt as part of a Series B round led by Norwegian financial inclusion fund Abler Nordic and existing investors Aavishkaar Capital, Chiratae Ventures and Trifecta Venture Debt.  The company offers a buyer’s platform that connects farmers to markets, safe storage of grain in warehouses, and affordable financing through partner lenders.  In addition, it digitizes grain storage, allowing farmers to turn their grain into tradable digital assets and earn more by selling products at optimal times after harvest. According to the company,  farmers can receive credit for up to 70% of stored and digitized grain from bank partners at favorable interest rates through a comprehensive digital process. “On our Grainbank platform, farmers can make optimal decisions regarding the sale and storage of their products, receive credit from banks, receive competitive prices through planned arrangements, and reach a wide range of buyers. We are excited about the tremendous opportunity ahead and look forward to deepening our presence among farmers”, said Kishor Jha, Founder and CEO of Ergos.  

 It currently supports over 160,000 farmers on its platform and has a  network of Grainbank-branded farm warehouses in over 200 locations across the states of Bihar, Karnataka, and Maharashtra. Over the past decade, it has reportedly helped farmers increase their income by 30 to 35 percent annually.  “Investing in Ergos is in line with our vision to foster a more inclusive, fair, and green society and we are delighted to partner with them in their journey to scale up and expand their solutions to benefit farmers across India’s agricultural regions”.

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