Aquaconnect, a Chennai-based full-stack aquaculture platform, has raised ₹33 crore ($4 million) in a pre-Series B funding round led by S2G Ventures. The startup will use the new capital to scale its operations and expand its presence in major aquaculture production states in India.
Aquaconnect provides a suite of services to fish and shrimp farmers, including access to quality inputs, working capital financing, marketplace commerce, and logistics. The startup also leverages satellite remote sensing and artificial intelligence to improve the efficiency and profitability of aquaculture.
The startup, which was founded in 2017 by Rajamanohar Somasundaram, has recently expanded its footprint in West Bengal, Uttar Pradesh, and Assam, and achieved 4x revenue growth in the last fiscal year. It aims to double its Aqua Partner network in the next six months.
The pre-Series B funding round follows a $15 million Series A funding round that Aquaconnect raised last year from Lok Capital, Louis Dreyfus Company (LDC) Ventures, Suneight Investments, AgFunder, Omnivore, Rebright Partners, Flourish Ventures, and Hatch Blue.
Rajamanohar Somasundaram, founder and CEO of Aquaconnect, said, “The funds come at a critical juncture as we gear up for our next phase of growth to capture new opportunities, with an intense focus on expanding our operations in major markets. This expansion is more than just scaling.”
Kate Danaher, managing director at S2G Ventures, said, “Aquaconnect’s full-stack solution is revolutionising aquaculture in India through reliable access to a diverse set of farming input products, working capital financing, marketplace commerce, and streamlined logistics.”
Aquaconnect is one of the leading startups in the aquaculture sector in India, which is the second-largest producer of fish and shrimp in the world. The sector contributes about 1.24% to India’s GDP and employs over 14 million people.