Aquaconnect Raises $15 Million From Lok Capital

Updated on: 24 December 2022 5:56 pm

Defending itself on the allegation of mis-selling, Byjus said it does not encourage, order or incentivise its sales staff and managers to pursue customers who are uninterested in or unable to pay for its products

98.5 Per Cent Refunds Processed Within 48 Hours; Byju's Responds To NCPCR Photo: Defending itself on the allegation of mis-selling, Byju's said it does not encourage, order or incentivise its sales staff and managers to pursue customers who are uninterested in or unable to pay for its products

Chennai-headquartered Aquaconnect raised $15 million (around Rs 120 crore) in a Series-A funding round led by Lok Capital.

The company said it would utilise the fresh funds to strengthen artificial intelligence (AI) and satellite remote sensor-driven solutions products. Additionally, it will offer more services in the pre-harvest and post-harvest aquaculture value chain.

Founded in 2017 by Rajamanohar Somasundaram, the company claims to work with aqua farmers ( fish and shrimp farmers ) to develop productivity. It also claims to provide farmers' market linkages and financial access through technology-driven solutions.

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In July 2021, it bagged a $4 million investment in a pre-Series A round led by Rebright Partners and Flourish Ventures. In May 2022, the company raised $8 million in a venture debt funding round led by Trifecta Capital, The Economic Times reported.

“We have been operating our domestic market linkages & overseas exports under stealth. As our pilots have shown great success, our team is geared up to scale the success we have achieved and enhance our B2B offerings in the next 12-18 months,” Rajamanohar Somasundaram, the founder and CEO of the company, said.

“We’ve added about 500 AquaPartners in the last 12 months and this phygital (physical and digital) network has helped us scale phenomenally across six major aquaculture production states," he added.

Addressing their decision to invest in Aquaconnect, Hari Krishnan, partner at Lok Capital, said, "Yet its true potential is untapped. Aquaconnect, with its deep-tech intervention, has the potential to disrupt the Indian aquaculture value chain and emerge as a key player in the growing blue food segment."