The funds will also be used to enhance Aquaconnect’s post-harvest market linkage solutions, allowing farmers to reach out to a broader range of potential buyers.
Commenting on the fund raise, Rajamanohar Somasundaram, founder and CEO of Aquaconnect, said in a press release: “Our aim is to make the aquaculture value chain more efficient and transparent while increasing value realisation through tech intervention. The fresh round of capital will help us achieve this goal by paving the way for expansion of our AquaPartners network in India and help the aquaculture farmers reach more buyers by strengthening our post-harvest market linkage solutions.”
Nilesh Kothari, managing partner at Trifecta Capital, said: “Aquaconnect is a pioneer in the aquaculture sector and is digitising the entire value chain, connecting farmers with input manufacturers and institutional buyers. In the process, they are facilitating aquaculture farmers to realise better prices for their produce, and providing access to high quality inputs at fair prices. India is among the top three seafood producing countries [in the world] and yet the sector is largely unorganised. Trifecta Capital is proud to partner with Aquaconnect which -with its wide aqua-farmers network, strong tech-stack and experienced team – will be able to solve the multiple challenges that the Indian aquaculture sector faces today.”
Aquaconnect was founded in 2017 and the recent funding follows on from a $4 million raise the company achieved in 2021.
*Aquaconnect is part of Hatch’s investment portfolio, but The Fish Site retains editorial independence.