Aquaconnect, a full-stack aquaculture platform, has raised $4 million (₹33 crore) through pre-Series B funding, led by US-based S2G Ventures, to expand its operations and activities.
Aquaconnect will utilise the funds to enhance its coverage of major aquaculture production States in India. The company recently expanded its footprint in West Bengal, Uttar Pradesh, and Assam. It achieved 4x revenue growth in the last fiscal year.
Aquaconnect also seeks to double its Aqua Partner network over the next six months, strengthening post-harvest linkage solutions and expanding its product portfolio with farmer-focused innovations, formal credit services, and new products to amplify its reach and impact. Aqua Partners are rural entrepreneurs who provide last-mile assistance to farmers while delivering the company’s services, including farm advisory, access to feed and other farm inputs, and post-harvest market linkage to domestic and international buyers.
Phygital approach
Rajamanohar Somasundaram, Founder & CEO of Aquaconnect, said in a statement: “The investment from S2G reinforces our mission of transforming the Indian aquaculture landscape through a phygital approach. The funds come at a critical juncture as we gear up for our next phase of growth to capture new opportunities, with an intense focus on expanding our operations in major markets.
“This expansion is more than just scaling. It’s about deepening our impact within the farming communities by strengthening our Aqua Partners and seafood buyer network, thus creating a more sustainable ecosystem while simultaneously enhancing the service offerings and innovative tech-driven solutions to strengthen our position in the aquaculture sector.”
“Aquaconnect’s full-stack solution is revolutionising aquaculture in India through reliable access to a diverse set of farming input products, working capital financing, marketplace commerce, and streamlined logistics,” said Kate Danaher, Managing Director at S2G Ventures.
“As a leading organisation in the second largest aquaculture market in the world, we believe Aquaconnect is ideally positioned to capture meaningful market share and contribute to a future of sustainable growth across the sector,” she said.
Use of AI, satellite remote sensing
Aquaconnect raised $15 million in a Series A funding round last year from Lok Capital, Louis Dreyfus Company (LDC) Ventures, Suneight Investments, AgFunder, Omnivore, Rebright Partners, Flourish Ventures, and Hatch Blue.
Aquaconnect has pioneered the use of AI and satellite remote sensing to bring transparency and efficiency in the aquaculture value chain. Aquaconnect also enables market linkage for aquaculture farmers, retailers, and seafood buyers to increase access to farm inputs, and post-harvest markets. Aquaconnect provides formal credit to its retail partners and seafood buyers to ease their working capital needs and upscale their businesses.
Aquaconnect is supported by investments from Omnivore Partners, Hatch Accelerator, Flourish Ventures, Rebright Partners, AgFunder, Lok Capital, LDC, Suneight Investments, and 6G Capital.