Agrifood Processing Platform Agrizy Secures Rs 82 Crore In Series A Funding

ENA Sectors 2024-08-05 14:53:46 New Delhi, Aug 5 (KNN) In a significant development for India's agri-processing industry, Agrizy, a digital platform for agrifood supply chains and processing, has announced the successful closure of its Series A funding round. The company has raised Rs 82 crore in a round co-led by Accion and Omnivore, with participation from Capria Ventures, Thai Wah Ventures, and existing investor Ankur Capital. This funding comes at a crucial time for India's agri-processing market, valued at USD 400 billion and growing at an annual rate of 9 per cent. Despite this growth, the sector faces significant challenges, with only 10 per cent of farm produce currently being processed. This figure lags considerably behind global benchmarks, such as China's 40 per cent and the 70 per cent seen in developed nations. Agrizy aims to address these challenges by providing a fully managed B2B marketplace for agrifood supply chains and processing. The platform connects various stakeholders in the ecosystem, facilitating optimal discovery and fulfilment of transactions. A key focus for Agrizy is supporting the over 2 million food processing MSMEs in India, many of which operate under capacity and struggle to access B2B customers, particularly in export markets. The fresh capital will be utilised to expand Agrizy's operations into new product areas and geographies. Additionally, the company plans to launch Contract Development and Manufacturing Organisation (CDMO) services, value-added advisory services, and financial services targeting MSME processors and farmer-producer organisations (FPOs). Vicky Dodani, Co-founder and CEO, Agrizy, emphasised the company's commitment to empowering FPOs and MSME agri-processors. Our goal is to help these underserved stakeholders access export markets, comply with global quality standards, and secure working capital from formal financial institutions, Dodani stated. John Fischer, Chief Investment Officer, Accion, highlighted the potential impact of Agrizy's services on rural communities. By addressing the lack of quality financing for small processors and FPOs, Agrizy can help increase incomes in rural areas and connect many to responsible financial services and formal markets for the first time, Fischer explained. Mark Kahn, Managing Partner, Omnivore, praised Agrizy's strategic focus on contract manufacturing, noting its importance in streamlining complex, export-oriented supply chains. Kahn added, Agrizy's emphasis on innovation and sustainability is positioning India's food processing industry to meet evolving global market needs. As Agrizy moves forward with its expansion plans, the company's progress will be closely watched by industry observers, given its potential to transform India's agri-processing landscape and boost the country's position in global agricultural markets. (KNN Bureau) 38857 https://knnindia.co.in/news/newsdetails/sectors/agrifood-processing-platform-agrizy-secures-rs-82-crore-in-series-a-funding 2024-08-05 14:53:46 knnindia.co.in Agrifood Processing Platform Agrizy Secures Rs 82 Crore In Series A Funding