Disclosure: AgFunderAFN’s parent company is an investor in Aquaconnect.
Why it matters:
Although India is the third largest seafood producer in the world, its domestic industry is inefficient. Outdated production methods and a lack of transparent practices and supply chains are just some of the major issues facing the industry. Other challenges are finding buyers and acquiring formal capital.
All this eats into the income of small farmers and makes it difficult for them to diversify their business and increase their income.
Partner Lok Capital has spoken in a statement Hari Krishnan said: “has the industry is hampered by inefficiencies in the value chain and presents a large scope for technology interruption However, its true potential remains untapped. Aquaconnect, with deep technological intervention, Aquaculture in India has the potential to disrupt the value chain and emerge as a key player the growing blue food segment.’
How it works:
Aquaconnect is addressing industry inefficiencies with an aquaculture platform that organizes and digitizes supply chain logistics and builds more transparency throughout the overall value chain.
The Aquaconnect mobile app provides small producers with a variety of tools and services along the value chain. Fish and shrimp farmers can access advisory services to increase farm productivity, manage elements such as water quality and aquatic health, and connect with formal banks for financing.
The platform also includes a marketplace where producers can buy inputs, and an “Aquabazaar” that connects farmers with potential buyers.
All of these services are aimed at providing greater profits to small-scale shrimp and fish farmers, ultimately leading to higher incomes.
Aquaconnect at a glance:
Founded in 2017, Aquaconnect currently serves over 90,000 fish and shrimp farmers; it also has a network of over 500 last mile partners.
Founder and CEO of the company Rajamanohar Somasundaram, said these numbers have helped Aquaconnect to “tremendously grow” in India’s six major aquaculture-producing states, incl. Andhra Pradesh, Gujarat, Odisha and Tamil Nadu.
“Over the next 12 months, we will triple our network of AquaPartners across India and optimize our service offering”, he added.
Aquaconnect raised $4 million in pre-Series A funding last year.