Agritech startup Akshayakalpa has raised $15 Mn in its Series B funding round.
New investors including British International Investment and the UK-based finance institution Rainmatter Foundation, and existing investor–Venture Dairy also participated in the funding round.
Akshayakalpa will use the fresh capital to aggressively invest in existing markets– Bengaluru, Chennai, and Hyderabad and also, expand to new geographies–Pune, Mumbai and Kochi. Besides, it will also use funds to take its organic dairy products PAN India.
“We recognize Akshayakalpa’s potential to build a thematic portfolio within the fast-growing food industry and in an increasingly consumer-conscious market. We are happy that our capital will support its expansion, increase productivity and improve income for farmers while also bringing sustainably farmed products directly to more consumers,” said Manav Bansal, managing director and head of India, British International Investment.
Founded in 2010 by Dr GNS Reddy and Shashi Kumar, Akshayakalpa sells organic milk, milk products and other food items such as cheese, buttermilk, honey and bread, among others directly to customers. The startup claims that these products do not consist of antibiotics, synthetic additives, hormones, and chemical pesticide residue.
To manufacture these products, Akshayakalpa works closely with young farmers that have discontinued farming operations due to economic non-viability. The startup grooms these farmers as entrepreneurs by providing them bank linkages, extension outreach, technical services, and market access, according to the startup.
“With support from British International Investment, Rainmatter, and Venture Dairy, we hope to continue retaining the uncompromised quality of our products. We will continue to serve more customers while deepening our efforts to create sustainable farming systems and restore dignity to rural India,” said Kumar.
In 2019, Akshayakalpa raised an undisclosed amount of investment in Series A round from Lok Capital and Venture Dairy. Prior to that, it secured seed funding in 2013, according to Crunchbase.
The startup said it has an omnichannel presence across India thus, selling products on ecommerce marketplaces as well as in over 2000 retail outlets.
Akshayakalpa claims to be working along with 750+ families of farmers, and selling milk and milk products to over 60K customers that are based in Bengaluru, Hyderabad, and Chennai.
In the agritech sector, it faces competition from the likes of WayCool, Country Delight and Fyllo.
According to a report, the Indian agritech sector is likely to become a $30-$35 Mn market by 2025.
Meanwhile, as per the Inc42 report, homegrown agritech startups have raised nearly $1.4 Bn through 189 funding deals between 2014 and January 2022.
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Agritech startup Akshayakalpa has raised $15 Mn in its Series B funding round. New investors including British International Investment and… NewsInc42 Media