Fresh capital raised by Bharat Agri, Railofy
LeanCrop Technology Solutions runs personalised agriculture advisory platform BharatAgri. Flipkart co-founder Binny Bansal-backed 021 Capital led the round.
Pune-based LeanCrop Technology Solutions, which runs personalised agriculture advisory platform BharatAgri, has raised $2 million (Rs 14.8 crore) in a fresh funding round, dubbed a pre-Series A round.
Flipkart co-founder Binny Bansal-backed 021 Capital led the round, with participation from returning investors India Quotient, Better Capital and Quest Global COO Ajay Prabhu, a statement said.
BharatAgri said it plans to use the fresh capital to expand its footprint in India, and focus on product enhancement and growth.
The startup, founded in 2017 by IIT graduates Sai Gole and Siddharth Dialani, had reportedly raised $574,000 from India Quotient and others in January this year.
The startup’s farming technology platform, accessible through a paid subscription, offers weather-based dynamic advisory, season-long predictive calendar and other personalised consultations to enable farmers to improve the yield and quality of their produce. It also helps them realise better value for their products by reducing management costs.
The platform currently has more than 3,50,000 users and its paid user-base is growing 40% month-on-month with the increasing adoption of smartphones and the internet in rural India, the statement said.
“We... believe that they can make a large-scale impact in the agri sector and in the lives of farmers in India,” Sailesh Tulshan, founder of lead investor 021 Capital, said in the statement.
“In a span of one year, BharatAgri’s personalised agri-platform has witnessed 10X growth. They have been able to help tens of thousands of farmers during these challenging times and equip them with real-time solutions,” he said.
Railofy raises $540,000 in ongoing seed funding round
Mumbai-based Rodeo Travel Technologies, which offers waitlisted and RAC ticket protection through digital platform Railofy, said it has raised $540,000 (Rs 4 crore) in an ongoing seed funding round.
The capital infusion from Root Ventures, Astarc Ventures, Better Capital and undisclosed angel investors, a statement said, comes a month after Chiratae Ventures invested $955,000 in the firm as part of the same round.
Additionally, the firm said it has onboarded Anand Srinivasan, former revenue head of GoAir, and Sunil Kumar, ex-joint general manager (portals) at IRCTC, as mentors.
Founded in 2019 by Rohan Dedhia, Vaibhav Saraf and Hrishabh Sanghvi, Railofy’s asset-light model aims to remove the element of unpredictability from travel in India.
The company’s artificial intelligence-backed digital platform allows train travelers to protect their waitlisted or RAC tickets by reserving an alternative travel option -- a flight or AC bus (for shorter routes) -- at prices similar to that of the train ticket. Then, if the rail ticket is not confirmed, the passengers are allowed to book the flight/bus at the previously locked price and travel on the same day.
The platform, launched in September, has issued thousands of protections to Indian travelers so far, the statement said.
“We are seeing a good customer response even in the current pandemic, which testifies to the intensity of the problem faced by an average Indian when his train ticket is not confirmed,” the co-founders said in a statement following the latest fundraise.
Currently, the protection is only available for SL and AC class tickets on all special trains, but the company said it will use the fresh funds to strengthen its pan-India presence and enable protection for all train classes across more than 2,000 passenger trains by 2021. It will also deploy the capital to manage passenger demand during the upcoming festive rush.