- Agrizy has grown monthly revenues of 8x since Ankur Capital’s initial investment in 2022
- The Series A round will enable rapid expansion of its business in existing and new product lines, develop value-added services, and enable quality financial services to better serve agri-processors.
- Agrizy is targeting $400B agri-processing market with 2.5 million MSMEs
Agrizy, India’s leading B2B agri-processing platform, has raised $9.8 million (INR 82 crore) in a Series A round of funding. Early stage investor Ankur Capital, the first institutional investor in Agrizy, has doubled down on its commitment thus becoming the largest investor in the startup. The round was co-led by Accion and Omnivore, with participation from new investors Capria Ventures, Thai Wah Ventures, and existing investor Ankur Capital has doubled down. This brings the total funds raised so far to $17.3M including a $5M Debt round, and Agrizy’s $4M seed round which was led by Ankur Capital with participation from Omnivore.
Agrizy is India's leading B2B agri-processing platform, driving supply chain efficiency and MSME profitability. Agrizy will use the funds to expand its services into new product areas and geographies, develop advisory services, and offer financial services for processing businesses and farmer-producer organizations. The company will also invest to strengthen its B2B platform, transforming traditional agri-processing through an online-enabled marketplace and improving production support.
Co-founded in 2021 by Vicky Dodani and Saket Chirania, having worked in leadership roles with leading Indian startups including Blackbuck, Bizongo, Zoomcar, Agrizy optimizes supply-demand linkages and value-addition possibilities in agri processing supply chains. They operate as a B2B platform for both supply and demand players, deploying tech-driven solutions for discovery and ordering, fulfillment and credit facilitation - helping processors maximize their capacity utilization and overall business outcomes. The platform has served over 100 institutional clients across domestic and international markets, including Europe, North America, and Asia, and has processed more than 100,000 MT of agrifood products.
Since Ankur’s initial investment in March 2022, Agrizy has grown monthly revenue by 8x, delivering stand-out metrics around margins and capital efficiency, with demonstrated impact on its first sets of processing partners that have gone on to expand their production capacities in response to the new demand being created by Agrizy.
Vicky Dodani, Co-founder and CEO at Agrizy, said, “India lags behind in food processing levels. Agrizy aims to transform the country into a leading global food processing hub by improving accountability throughout the value chain through technology integration. We will help FPOs and MSME processors comply with global quality standards while offering these underserved stakeholders working capital from formal financial institutions. The current investment will empower Agrizy to actively drive these crucial initiatives in both local and global markets.”
Krishnan Neelakantan, Managing Partner, Ankur Capital, said, ”As an early investor closing working with Agrizy, over the last two years, we have been impressed with the team’s ability to establish market fit and scale their business while demonstrating superior metrics on margins and capital efficiency. With fast changing consumer preferences driving demand for new, higher quality value-added food products, Agrizy is very well positioned to disrupt the processor ecosystem and unlock new growth and profitability drivers with this funding.”
With fast-changing consumer preferences acting as a tailwind, Agrizy is re-imagining the supply chains of the $400B agri-processing market with 2.5 million MSMEs. By addressing the key pain points for stakeholders, with detailed understanding of on-ground dynamics, and executing a scalable, asset-light model, the team brings in all the key elements for long-term success and we look forward to the next legs of the journey.
The investment by Ankur Capital reaffirms its commitment to backing visionary founders that are leveraging technology and innovation to unlock global scale opportunities around climate, responsible agriculture and emerging consumers. A pioneer in agri investing in India, Ankur Capital sees clear alignment with Agrizy founders’ vision to disrupt the SME-dominated agri-processing ecosystem through a tech-enabled model focussed on enabling higher value-addition and better economic outcomes for processors. After having backed 30 startups across digital and deep science technologies through its first two funds, the firm is starting to deploy capital from Ankur Capital Fund III, which has marquee institutions like DFC, BII, SRI Fund and BIRAC already signed on as LPs.
