Vijayawada-Based AquaExchange Secures $6M Series A Funding Led by Ocean 14 Capital
- ByStartupStory | January 19, 2024
AquaExchange, a leading aquaculture technology startup based in Vijayawada, has successfully raised $6 million in Series A funding, with Ocean 14 Capital taking the lead, and participation from existing investors, including Endiya Partners and Accion Venture Labs.
The Series A funding will empower AquaExchange to scale the adoption of its comprehensive farm automation, crop financing, and harvest procurement systems. Additionally, the company has plans to expand its reach to international markets for device exports.
Pavan Kosaraju, the Founder of AquaExchange, shared insights into the company’s vision, stating, “We plan to refine and scale our unique reinforcement framework, wherein farmers are immediately incentivized for sustainable practices through reduced input costs and higher offtake prices, emphasizing our commitment to sustainable practices in the industry. With this funding round, we aim to equip many more aquaculture farmers with the right technology to reduce costs and increase productivity while enabling global protein sustainability.”
Headquartered in Vijayawada, AquaExchange leverages technology to enhance aquaculture yields, mitigate crop risks, and assist farmers in addressing rising input costs through features such as power management, feed automation, and aeration control via a smartphone app. The company’s automation devices also enhance crop visibility for lenders.
Piers Lakin, Senior Associate of Ocean 14 Capital, expressed enthusiasm about AquaExchange’s growth, stating, “We are really impressed and excited by the speed of growth of AquaExchange. In a short period of time, the company managed to deploy technology across a significant part of the Indian aquaculture landscape, both helping to deliver the data, insights, and control that can help stabilize customer production while also developing an end-to-end solution providing access to inputs, offtake, and finance.”
AquaExchange had earlier raised $3 million in a pre-Series A round from Endiya Partners and Accion Venture Lab, with participation from returning investors. Dr. Ramesh Byrapaneni, Managing Director of Endiya Partners, commended AquaExchange’s progress, stating, “Their devices have been deployed across thousands of acres in India and have also seen traction in international markets. We’re thrilled to back AquaExchange’s progress, and the team which is driven by the passion to enable competitive, profitable, and sustainable aquaculture.”
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