Agritech Startup Ergos Raises $5 Million From Chiratae Ventures And Aavishkaar Capital

• Bangalore-based Agritech startup Ergos raises $5 million investment led by Chiratae Ventures and Aavishkaar Capital.
• In April, Ergos had raised Rs 35 crore ($4.7 million) in its Series A funding round led by Aavishkaar Capital.

Bangalore-based Agritech startup Ergos raises an additional $5 million (Rs 36 crore) in its Series A funding round from Chiratae Ventures and Aavishkaar Capital.

According to the reports, Chiratae Ventures will invest Rs 23.5 crore whereas, Mumbai-based Aavishkaar Capital to invest around Rs 14.6 crore in Ergos Series A funding round.

In April, Ergos raised $4.7 million (Rs 35 crore) in its Series A funding round from Mumbai-based venture capital firm Aavishkaar Capital.

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With this investment, Ergos has raised more than $10 million (Rs 73 crore) in its Series A funding round with the majority participation of Aavishkaar Capital, invested $7 million.

According to the reports, With the latest deal, Chiratae holds a 17.6% while Aavishkaar Capital holds more than a 30% stake in the company, with a total investment amount of $8 million.

"We are building the Ergos Grainbank to serve small and marginal farmers by leveraging technology and data sciences to improve the way farmers deal in their production," said, Kishor Jha, Founder & CEO, Ergos.

"We are excited to have Chiratae on board; and along with the extended support from the Aavishkaar Capital, We are likely to scale our service on to different cities and will remain focussed to provide direct service to farmers at farmgate at over 2000 Grainbank locations over the next few years," he added.

Aavishkaar Capital has invested more than $8 million in a total of five funding rounds, the latest one was estimated to be around Rs 14.6 crore.

About - Ergos is a Bangalore-based agri-supply chain startup founded in 2012 by Kishor Jha and Praveen Kumar. With the help of Technology and Data Science, Ergos has been working on building a unique 'Grain Bank' that allows farmers and producers to digitize their stocks data and also aims to provide doorstep access to end-to-end post-harvest supply chain solutions to the farmers by leveraging technology and data science in their platform.

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