Lok Capital leads a $15 million Series A investment for Aquaconnect
- ByStartupStory | December 20, 2022
Aquaconnect, a startup based in Chennai that focuses on the aquaculture business, has raised $15 million in a Series A funding round headed by Lok Capital.
This fundraising round also included participation from Louis Dreyfus Company Ventures and Suneight Investment, along with existing investors including Omnivore, Rebright Partners, Flourish Ventures, HATCH, and other loan investors.
Aquaconnect earlier secured $4 million in a Pre-Series A round in July 2021 and a venture loan amount of Rs 60 crore in March this year. The term “electronic commerce” refers to the sale of electronic goods. The company wants to use this capital round to broaden its reach in the value chain of the aquaculture industry. Aquaconnect intends to strengthen its position in the pre-harvest chain by tripling its AquaPartners network, which provides services to fish and shrimp producers.
“We’ve added about 500 AquaPartners in the last 12 months, and this phygital network has helped us scale phenomenally across six major aquaculture production states,” said Aquaconnect Founder and CEO Rajamanohar Somasundaram. “In the next 12 months, we are set to triple our AquaPartners’ network across India and optimize our service offerings.”
In the post-harvest chain, the company intends to expand its seafood market connectivity across local Indian markets. Aquaconnect also intends to expand its seafood exports to markets such as the United States, China, and Japan.
Hari Krishnan, the Partner, Lok Capital, said, “Aquaconnect, with its deeptech intervention, has the potential to disrupt the Indian aquaculture value chain and emerge as a key player in the growing blue food segment.”
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