Aquaconnect Secures $4M (INR 33Cr) in Pre-Series B Funding Round Led by S2G Ventures
Chennai, February 06, 2024: Aquaconnect, a full-stack aquaculture platform with embedded fintech that leverages satellite remote sensing and artificial intelligence to improve the efficiency of stakeholders in the fish and shrimp farming industry, completed a $4 million (INR 33 Cr) Pre-Series B funding round led by S2G Ventures.
Aquaconnect will utilize the new capital to continue scaling its operations and enhance its coverage of the major aquaculture production states in India. The company has recently expanded its footprint in West Bengal, Uttar Pradesh, and Assam, and achieved 4x revenue growth in the last fiscal year
With this new funding, Aquaconnect also seeks to double its Aqua Partner network in the next 6 months, strengthening post-harvest linkage solutions and expanding its product portfolio with farmer-focused innovations, formal credit services, and new products to amplify its reach and impact. Aqua Partners are rural entrepreneurs who provide last-mile assistance to farmers while delivering the company’s services, including farm advisory, access to feed and other farm inputs, and post-harvest market linkage to domestic and international buyers.
Commenting on the Pre-Series B funding round, Rajamanohar Somasundaram, Founder & CEO of Aquaconnect, said, “The investment from S2G reinforces our mission of transforming the Indian aquaculture landscape through a phygital approach. The funds come at a critical juncture as we gear up for our next phase of growth to capture new opportunities, with an intense focus on expanding our operations in major markets. This expansion is more than just scaling. It’s about deepening our impact within the farming communities by strengthening our Aqua Partners and seafood buyer network, thus creating a more sustainable ecosystem while simultaneously enhancing the service offerings and innovative tech-driven solutions to strengthen our position in the aquaculture sector.”
“Aquaconnect’s full-stack solution is revolutionizing aquaculture in India through reliable access to a diverse set of farming input products, working capital financing, marketplace commerce, and streamlined logistics,” said Kate Danaher, Managing Director at S2G Ventures. “Aquaculture is the fastest growing method of food production in the world, and a critical solution for long-term food security. Platforms that contribute to the viability of the sector through sustainable farming practices and trade are paramount. As a leading organization in the second largest aquaculture market in the world, we believe Aquaconnect is ideally positioned to capture meaningful market share and contribute to a future of sustainable growth across the sector.”
Aquaconnect raised $15 million in a Series A funding round last year from Lok Capital, Louis Dreyfus Company (LDC) Ventures, Suneight Investments, AgFunder, Omnivore, Rebright Partners, Flourish Ventures, and Hatch Blue.