The company said it supplements the income of small landholding farmers through ready to implement micro-farms mainly in the areas of animal husbandry and aquaculture (fish farming).
The company said it would utilize the capital in setting up 500 micro-farms in the states of Tamil Nadu, Telangana, and Andhra Pradesh.
Speaking about the funding, Prasanna Manogaran and Bharani C L, co-founders of Aqgromalin said in a joint statement, “We are delighted that the investors have seen huge growth potential in our startup. Our company plans to utilize these funds in improving and accelerating the implementation of micro-farms that is going to uplift the living of the farmers. Additionally, our plans to strengthen the technology backed platform will drive the business forward in the domain of agri-tech.”
Parthiban Mohanasundaram, an investor, said, “I believe the business model of Aqgromalin can become viral very fast and it has scalability across the world. The amount of groundwork and the hands-on approach of the team has given us immense confidence to invest.”
Aqgromalin said it provides farmers access to training for the cultivation of crops, makes farmers aware of common diseases, and equips them with expert skills to troubleshoot and increase yield.
The company has also designed an optional buy policy for the farmers at a fair market price. Moreover, it said that it works closely with financial institutions to aid farmers and improve their accessibility to a formal credit system to reduce the burden of interest on them.
Aqgromalin was started in 2019 and is present in Tamil Nadu, Andhra Pradesh, and Telangana. The company said it has been associated with SERP (Society for Elimination of Rural Poverty), Govt of Telangana, TANUVAS (Tamil Nadu Veterinary and Animal Sciences University), Tamil Nadu, ICAR-CIBA (Central Institute of Brackish Aquaculture).