Chennai-based aquaculture startup, Aquaconnect, has successfully raised $4 million (INR 33 crore) in a Pre-Series B funding round, with US-based S2G Ventures leading the investment. The substantial funding injection will fuel Aquaconnect’s expansion plans as it aims to bolster operations and widen its presence across India.
The startup intends to allocate the fresh capital towards enhancing its technological infrastructure, diversifying its product range, exploring new market segments, and doubling its network of partners within the next six months. Aquaconnect’s ultimate goal is to leverage its innovative ‘phygital’ approach to revolutionize the Indian aquaculture industry.
Founder and CEO of Aquaconnect, Rajmanohar Somasundaram, expressed enthusiasm about the investment, emphasizing its pivotal role in propelling the company into its next phase of growth. Somasundaram highlighted the focus on expanding operations in key markets to capitalize on emerging opportunities.
Kate Danaher, Managing Director at S2G Ventures, commented on the funding, expressing confidence in Aquaconnect’s potential to seize a significant market share in India’s burgeoning aquaculture sector. S2G Ventures views Aquaconnect as well-positioned to contribute to sustainable growth within the industry.
Established in 2017, Aquaconnect operates as a full-stack aquaculture platform, leveraging artificial intelligence (AI) and remote sensing data to forecast demand for farm inputs and harvest produce. The company facilitates offline touchpoints that connect aqua farmers with input brands, while also collaborating with non-banking financial companies (NBFCs) to provide formal credit services to retail partners and seafood buyers, addressing their working capital needs.