Fintech firm AquaExchange bags $3 million in its Pre-Series A round of funding

• ByStartupStory     |    July 1, 2022

The fintech platform for aquaculture, AquaExchange, has raised $3 million in funding from Endiya Partners and Accion Venture Lab. Existing investors also took part in the funding round, according to the fintech company. According to a statement, AquaExchange, a tech-driven platform that serves India’s multi-billion-dollar shrimp and fish ecosystem, intends to use the funds to improve its technology, e-commerce activities, and expand its farm automation footprint to over one lakh acres of farms by FY23. 

The IoT-based technology used by AquaExchange aims to increase productivity and profits for shrimp and fish farmers. Through a fintech-enabled e-commerce platform that offers premium inputs at competitive prices straight from manufacturers, the startup operates along the entire value chain.

As additional components, the “Harvest-as-a-Service” market linkage platform and the “Hardware-as-a-Service” model for farm automation (smart IoT devices sold under the brand name “NextAqua”) are available on a subscription basis. This makes harvests at the farm gate easier with transparent pricing and guaranteed spot payments to the smallholder farmers. 

AquaExchange founder Pavan Kosaraju said, “On enhancing the aquaculture farming process through the application of cutting-edge technology. In terms of aeration and feed management, our IoT devices and automatic feeders have been installed at scale and are assisting farmers with higher reliability/efficiencies while at the same time providing ROIs (return on investment) within the first quarter of usage.”

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