Agritech Firm Ergos Raises $10M in Series B Funding to Empower Farmers

• ByStartupStory     |    September 22, 2023

Ergos, an agritech company based in Bengaluru, has secured $10 million in funding as part of its Series B round. The investment was led by Abler Nordic, a financial inclusion fund from Norway, and included participation from existing investors Aavishkaar Capital, Chiratae Ventures, and Trifecta Venture Debt Fund.

Ergos focuses on empowering farmers by enabling them to convert their grains into tradable digital assets, allowing them to optimize their earnings when selling their produce post-harvest. The company connects farmers with markets secures grain storage facilities in warehouses and facilitates access to affordable financing through partner lenders.

One of Ergos’ unique offerings is providing marginal farmers with access to storage services for 8-9 months after harvest. Afterward, farmers can access credit for up to 70% of their stored and digitized grain through a streamlined digital process, with affordable interest rates from banking partners.

Currently, Ergos supports more than 160,000 farmers on its platform and operates a physical network of farmgate-based warehouses branded as “Grainbank” across over 200 locations in Bihar, Karnataka, and Maharashtra.

“There is a pressing need to revitalize agriculture by empowering farmers and catering to their needs at the farm gate. Ergos’s comprehensive Grainbank platform enables farmers to make optimal decisions on sales/storage of their produce, access credit from banks as well as competitive prices through planned liquidations, and access to a wide spectrum of buyers,” said Kishor Jha, Founder and CEO at Ergos. 

“We intend to further deepen our presence amongst the farming community even whilst we rapidly scale our operation,” he added. “Our investment in Ergos demonstrates Abler Nordic’s approach of investing in a wide range of innovative, inclusive solutions that help build financial and climate resilience. 

Ergos is helping solve the problem that many farmers in India increasingly face–produce spoiling due to lack of access to quality storage, affecting both the farmers’ income and general food security,” said Arthur Sletteberg, Managing Director, Abler Nordic.

Ergos intends to deepen its presence among the farming community while expanding its operations rapidly.

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