CDC Group invests in agri-tech startup Ergos

CDC Group invests in agri-tech startup Ergos
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14 Jan, 2021

Agri-tech startup Ergos Business Solutions Pvt. Ltd has raised Rs 22.5 crore ($3 million) from UK-based CDC Group Plc.

With this, Ergos has closed its Series A funding round at Rs 81 crore, said multiple media reports citing the startup's co-founder and CEO Kishor Jha.

VCCirlce had reported in October last year that CDC was set to invest in Ergos. 

In March last year, Ergos had raised Rs 35 crore from Aavishkaar Capital, the impact investment arm of the Aavishkaar Group. Subsequently, it had raised Rs 23 crore from venture capital fund Chiratae Ventures.

Ergos, which was founded by Jha and Praveen Kumar in 2010, has been building a "grain bank" model aimed at small and marginal farmers in India. 

The model, which has been piloted in Bihar, provides doorstep access to post-harvest supply chain solutions.

A slew of tech startups focused on agriculture have attracted funding from investors in the past few months.

Since April last year, startups such as Bijak, Intello Labs and DeHaat all have raised Series A funding rounds.

Ninjacart, a business-to-business marketplace for agricultural produce, raised money in a follow-on round of funding from US retail giant Walmart Inc and its Indian e-commerce arm Flipkart in October last year.

Last month, Gramophone raised Rs 25 crore led by Siana Capital.

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