Agritech startup Ergos Business Solutions Pvt Ltd on Wednesday announced it has raised an additional capital of Rs 38.5 crore ($5 million) in Series A round with fresh investment from Chiratae Ventures and Aavishkaar Capital.
Chiratae Ventures led the Series A round with an investment of Rs 23.5 crore, whereas Aavishkaar Capital, the Impact Investing arm of the Aavishkaar Group, invested an additional Rs 15 crore. The equity round is expected to be an Rs 80 crore raise with another institutional investor set to join the round.
Kishor Jha, Founder and CEO, Ergos, said,
“We are extremely excited to have Chiratae on board. Along with the continued support from Aavishkaar Capital, we intend to rapidly scale our geographic footprint and remain focussed to service farmers directly at farmgate at over 2000 Grainbank locations over the next few years.”