your password has been reset successfully, Please login again.

Ankur capital invests Rs.3.2 crore in Agricx Lab

Agri-tech startup Agricx Lab raises Rs.3.2 crore funding from Ankur Capital.
BY BEx Bureau
BusinessEx
Feb 21, 2018

Agritech market is gaining importance in the business world and even government displayed more focus on the development of this market in the union budget 2018. The recent development in this market is that an agri-tech startup Agricx Lab has secured Rs.3.2 crore ($500,000) funding led by Ankur Capital. IIM Ahmedabad based incubator CIIE also took part in the funding round.

Ritu Verma, managing partner at Ankur Capital commented, Globally, there is a need to understand the quality of food that we eat. Much of global production comes from geographies with low penetration of organised players, use of many different seed varieties and farming practices and a multi-point value chain.

She added, Objectively determining quality at all points becomes all the more important. Technology that is easy to use can be deployed at all points of the chain provides a critical transparency in food chains that today is hard to determine. Agricx has the potential to disrupt this market.

In 2016, the Thane-based startup was founded by Ritesh Dhoot and Saurabh Kumar. The startup has its own mobile application which uses artificial intelligence and computer vision on images for better quality assessment of agri-produce. The startups plan to use the raised funding to expand its crop range and quality parameters to deliver improved services for food produce quantification.

Kumar said, The funding will help us drive product development and expansion by hiring top talent. We intend to expand the commodity portfolio along with the capability to assess other internal quality parameters.

Please add your Comment
SIMILAR News
July 18, 2018
Punjab National Bank will 28.16 billion rupees, while Corporation Bank, Indian Overseas Bank, Andhra ...More
By Shah Mohsin
July 18, 2018
The development comes months after the Bengaluru-based news startup raised around Rs 1.48 crore from ...More
By Shah Mohsin
July 18, 2018
TCNS Clothing is expected to raise nearly Rs 1,125-crore through the offer. ...More
By Shah Mohsin
July 18, 2018
The Series D funding was led by TPG Growth, the middle market and growth equity investment platform ...More
By Shah Mohsin
July 18, 2018
The funding round takes the total amount raised by the Gurgaon-headquartered company to Rs 500 crore ...More
By Shah Mohsin
July 17, 2018
The Mumbai-based startup was launched in 2013 as a social network for conversations and later tweake ...More
By Shah Mohsin
July 17, 2018
PE firm India Equity Partners holds a stake of around 98% stake in Spoton Logistics while the compan ...More
By Shah Mohsin
July 17, 2018
The latest funding has been routed through Singapore-based Amazon Corporate Holdings and Mauritius-b ...More
By Shah Mohsin
July 16, 2018
Phonepe which is one of the biggest players in the UPI payment space, has been steadily building up ...More
By Shah Mohsin
July 16, 2018
Dalmia Bharat had been adamant on its acquisition plan for Binani Cement, which would have opened an ...More
By Shah Mohsin
July 16, 2018
LIC owned about 8 percent of IDBI Bank as of end-June, while the federal government owned 86 percent ...More
By Shah Mohsin
July 16, 2018
The Mumbai-based venture capital firm has more than 40% of its portfolio companies in the B2B segmen ...More
By Shah Mohsin