Aquaconnect Secures $15 Million in Series A Funding to Revolutionize Aquaculture Value Chain
Chennai-based Aquaconnect, a comprehensive aquaculture platform, has successfully raised $15 million (INR 120 Crores) in a Series A funding round led by Lok Capital, showcasing the growing interest in the aquaculture sector. The funding round also saw active participation from new investors such as Louis Dreyfus Company Ventures and Suneight Investment, alongside existing supporters like Omnivore, AgFunder, Rebright Partners, Flourish Ventures, HATCH, and other debt investors.
The startup, founded in 2017 by Rajmanohar Somasundaram, plans to utilize the newly acquired funds to fortify its portfolio and expand service offerings across both pre-harvest and post-harvest segments of the aquaculture value chain.
Aquaconnect’s CEO and founder, Rajmanohar Somasundaram, expressed enthusiasm about the coming months, stating, “The fresh funds will help us to accelerate our efforts and strengthen tech capabilities and bring efficiency and transparency in the aquaculture value chain.”
Hari Krishnan, a partner at Lok Capital, highlighted the disruptive potential of Aquaconnect in the Indian aquaculture sector, emphasizing the startup’s deep-tech intervention. He stated, “Aquaconnect, with its deep-tech intervention, has the potential to disrupt the Indian aquaculture value chain and emerge as a key player in the growing blue food segment.”
Aquaconnect operates as a full-stack platform, offering smart farm management tools and embedded fintech services to empower aquaculture farmers and enhance their earnings. The startup aims to revolutionize the entire aquaculture value chain through technological advancements and strategic financial solutions.
This recent funding round marks Aquaconnect’s second successful capital infusion in 2024. Earlier in the year, the startup secured $8 million in a venture debt funding round led by Trifecta Capital. Notably, in July 2021, Aquaconnect raised $4 million in a pre-Series A round.
The startup, backed by prominent investors such as Rebright, HATCH, Omnivore, Flourish Ventures, and AgFunder, has demonstrated substantial growth by adding nearly 500 partners in the last 12 months. Aquaconnect aims to triple its network of partners across the country in the next year.
With a current network of over 500 partners, Aquaconnect caters to the needs of more than 90,000 fish and shrimp farmers. In a largely unorganized aquaculture market in India, Aquaconnect’s tech-driven approach positions it as a key player in bringing efficiency and scalability to the sector, which generated revenue of $15.4 billion in 2020, according to industry reports. The startup competes with players like Captain Fresh in the B2B-focused animal protein marketplace.
As Aquaconnect continues to scale its operations and strengthen its technological capabilities, the funding injection is expected to play a pivotal role in advancing sustainable and tech-driven practices in India’s aquaculture landscape.
