Aquaconnect, a comprehensive aquaculture platform embedded with fintech capabilities, has successfully secured $4 million in a pre-Series B funding round, with S2G Ventures leading the investment. The newly acquired capital will be instrumental in expanding Aquaconnect's operations and extending its reach to major aquaculture production states across India.
Having recently broadened its presence in West Bengal, Uttar Pradesh, and Assam, Aquaconnect demonstrated a remarkable fourfold increase in revenue during the last fiscal year. The startup specializes in leveraging cutting-edge technologies like satellite remote sensing and artificial intelligence to enhance the efficiency of stakeholders within the fish and shrimp farming industry.
With the infusion of this fresh funding, Aquaconnect aims to scale its 'Aqua Partners' network, aspiring to double its size within the next six months. The expansion will focus on fortifying post-harvest linkage solutions while introducing new products into its portfolio, specifically designed with farmer-centric innovations and formal credit services. The 'Aqua Partners' are local entrepreneurs operating in rural areas, providing crucial last-mile assistance to farmers in the aquaculture sector.
This funding round builds upon Aquaconnect's earlier success, as it had raised $15 million in the previous year during its Series A round. Notable investors, including Lok Capital, Louis Dreyfus Company (LDC) Ventures, Suneight Investments, and others, had participated in the Series A funding, indicating strong confidence in Aquaconnect's potential and innovative approach to revolutionize the aquaculture industry.