The platform will use the funds to continue expanding its user base, currently at 3.5 million users and growing 30% month-on-month, as well as to create robust monetization channels
Krishify, India’s first farmer-centric networking platform, has raised $2.7 million in a pre-series A funding round led by Omidyar Network India, Ankur Capital, and existing investor Orios Ventures. Co-founders of Country Delight, Nitin Kaushal, and Chakradhar Gade, also participated as angel investors. The platform will use the funds to continue expanding its user base, currently at 3.5 million users and growing 30% month-on-month, as well as to create robust monetization channels.
The Indian agricultural ecosystem, while being the largest in the world, is plagued by significant information asymmetry, lack of awareness regarding farming/dairy techniques, poor market linkage in crops and dairy, and limited options to buy farm input and equipment due to inadequate discovery through offline retail network. Krishify’s vision is to solve these gaps by building a content-centric, trusted platform that acts as a one-stop solution to help improve the business prospects of its customers.
Krishify was founded in 2019 by three IIT graduates Rajesh Ranjan, Manish Agarwal, and Avinash Kumar as a networking platform for farmers and other agri professionals. It enables information exchange and matches potential buyers and sellers. It also gives access to a large repository of accurate information in local languages. The platform deploys user profiling and AI algorithms to deliver a high degree of personalization. It can provide services like suggestions and feedback on crop status, and buying and selling of cattle used tractors/machinery and seeds. Farmers access the community to get trustworthy content on farming techniques, updated market rates, government benefits and subsidies, among other information. Agri-stakeholders like retailers, cattle traders, breeders, and mandi traders use Krishify to discover and interact with a wide community of farmers.
The company has doubled its user base since March 2021. With the current raise, Krishify is looking to become India’s largest farmer-centric platform for the agri ecosystem, enabling both information exchange and transactions at scale. On the occasion, Rajesh Ranjan, Founder & CEO, Krishify said, “The founding team’s strong blend of technological skills and rural-connect has helped us build a robust farmer-centric product which reflects in our immense growth. The Krishify mobile platform has witnessed the highest growth, retention, and engagement in this space. The opportunity ahead of us is enormous. We are delighted to have the backing of investors with deep backgrounds in agritech and community-commerce space; we feel that this fundraise will help us take the venture to new heights”.
Source: Business World