ERGOS Raises $10 Million In Series B Funding Ergos brings small and marginal farmers into the mainstream of economic activity through enabling access to storage services for 8-9 months after the harvest
By Teena Jose
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Bengaluru based Agritech company Ergos has raised $10 million through a combination of equity and debt, as part of its Series B round led by Abler Nordic – a Norway based financial inclusion fund, along with existing investors Aavishkaar Capital, Chiratae Ventures and Trifecta Venture Debt Fund.
"There is a pressing need to revitalise agriculture by empowering farmers and catering to their needs at the farmgate. Ergos's comprehensive Grainbank platform enables farmers to take optimal decisions on sales / storage of their produce, access credit from Banks as well as get access to competitive prices through planned liquidations and access to a wide spectrum of buyers. We are overwhelmed by the immense opportunity ahead of us and we intend to further deepen our presence amongst the farming community even whilst we rapidly scale our operations," said Kishor Jha, founder and CEO, Ergos.
Ergos brings small and marginal farmers into the mainstream of economic activity through enabling access to storage services for 8-9 months after the harvest. The farmers can then access credit for up to 70 percent of their stored and digitised grain through an end-to-end digital process with affordable interest rates from banking partners.
"Our Investment in Ergos demonstrates Abler Nordic's approach of investing in a wide range of innovative, inclusive solutions that help build financial and climate resilience. Ergos are helping solve the problem that many farmers in India increasingly face – produce spoiling due to lack of access to quality storage, affecting both the farmers' income and general food security. Our investment in Ergos aligns well with Abler Nordic's vision of contributing to a more inclusive, just and environmentally sustainable society, and we are excited to partner with them on their journey to scale and expand their solutions for the benefit of farmers across the different agri-belts in India," said Arthur Sletteberg, managing director of Abler Nordic.
