Agritech platform Unnati raises $1.7 million from NABVENTURES Fund

Noida-based Akshamaala Solutions, which operates agritech startup Unnati, has raised $1.7 million in a bridge round, dubbed as pre-series A, from NABVENTURES Fund.

The startup has previously received funding from angel investors including Vijay Shekhar Sharma,  founder of Paytm; KRS Jamwal, executive director of Tata Industrie; current and former Paytm senior executives Vikas Garg, Shankar Nath, Renu Satti,  Gemba Capital, and Ajay Lakhotia. 

Founded by Amit Sinha and Ashok Prasad in 2017, Unnati is a technology-enabled platform which claims to empower farmers with digital technologies and improve efficiencies in the farm business. 

Prior to launching Unnati, Sinha was serving as the CFO of Paytm and Prasad was associated with Tata Teleservices and One97 Communication. 

“At Unnati, our overarching goal is to empower the country’s farmers and bring the best of technologies to enhance their productivity. Since we cater to a multitude of farming needs, the current capital injection will allow us to expand our value proposition in terms of innovative digital tools that we offer. This funding will help us invest in technology and in increasing our geographical and crop footprint,” Prasad said in a statement.

“Unnati has created a platform to digitalise the major components in the food and agribusiness value chain.  The predictive capabilities of the data captured by the platform enhances efficiencies while its transparent processes help in building trust among farmers and FPOs,” GR Chintala, Chairman of NABARD and NABVENTURES said.

NABVENTURES, is an impact investment fund run by National Bank for Agriculture and Rural Development or NABARD. According to its website, it is a venture growth equity fund that invests in agriculture, food, rural businesses and agri-rural financial businesses. It has previously funded agri-focussed lending platform Jai Kisan in June. 

Other agri-tech startups that have recently raised funds include Agrowave, BigHaat and Arya Collateral Warehousing Services.