Aquaculture, the farming of aquatic organisms such as fish, crustaceans and algae, is one of the fastest-growing food sectors in the world. According to the government’s investment promotion agency, India is the third largest fish-producing country globally with an 8 per cent share in global production. However, the sector faces many challenges such as low productivity, high input costs, disease outbreaks and market inefficiencies.
To address these challenges, a Vijayawada-based startup called AquaExchange has developed a suite of IoT solutions that help aquaculture farmers leverage technology to increase crop yields, mitigate crop risks and combat rising input costs. The startup offers smart devices that monitor water quality parameters such as pH, dissolved oxygen, temperature and salinity, and provide real-time alerts and recommendations to farmers via a mobile app. The startup also provides crop financing options to farmers through its network of partner banks and NBFCs, and helps them sell their harvest at competitive prices through its online marketplace.
AquaExchange has recently raised $6 million in Series A funding led by Ocean 14 Capital, a venture capital firm focused on investing in ocean economy startups. Existing investors, including Endiya Partners and Accion Venture Labs, also participated in the round . The funds will be used to scale the adoption of the company’s full-stack business model across India and expand its device exports to a few international markets. The startup claims to have served over 10,000 farmers across 12 states in India and exported its devices to countries like Indonesia, Vietnam and Bangladesh.
The founder and CEO of AquaExchange, Rajesh Kumar, said that the company aims to become a one-stop solution for aquaculture farmers and enable them to achieve higher profitability and sustainability. He added that the company is grateful for the support of its investors who share its vision of transforming the aquaculture sector through technology.
The partner at Ocean 14 Capital, Anirudh Singh, said that AquaExchange is addressing a large and underserved market opportunity with its innovative and scalable solutions. He said that the company has demonstrated strong traction and growth potential in India and abroad, and that Ocean 14 Capital is excited to partner with them in their journey.
The partner at Endiya Partners, Sateesh Andra, said that AquaExchange has built a strong brand recall among aquaculture farmers with its differentiated offerings and customer-centric approach. He said that Endiya Partners is impressed by the company’s execution capabilities and social impact, and that Endiya Partners is happy to continue supporting them in their next phase of growth.