New Delhi, March 10 -- Vijayawada-headquartered AquaExchange, a technology company that connects aquafarmers with the shrimp and fish ecosystem, has raised $8 million (around Rs 74 crore) in its Series B funding round co-led by Endiya Partners and Factor Analytics.
The funding mop-up also saw participation from existing investor Accion Ventures. Ocean 14 Capital, a leading impact investment firm focused on the blue economy, also doubled down on the company.
The company plans to use the capital to scale up its international business, increase domestic market share and deepen its presence across upstream segments of the aquaculture value chain. The company also plans to extend the use of its full-stack technology platform into additional agri-asset classes.
"This funding will help us consolidate our market-leading position in India and achieve leadership in technology export markets. We aim to equip many more small and medium aquaculture farmers with the latest technology tools, including proprietary AI services to offer predictive disease monitoring solutions," said Pavan Kosaraju, founder of AquaExchange.
"The aim is to improve crop success rates in India and abroad. We also plan to diversify to other agri-asset classes where we believe our proven full-stack offerings can be effectively replicated," he added.
Prior to this, the company had raised $6 million in its Series A funding round in January 2024 from Ocean 14 Capital, Endiya Partners and Accion Venture Labs (now Accion Ventures). It had raised $3 million in its pre-Series A funding round in June 2023 from Endiya Partners and Accion Venture Lab.
Founded by Pavan Kosaraju, Hemasundar Dhavili, Kareem Mohammod and Kiran Bandi, AquaExchange aims to improve the availability, sustainability and quality assurance of seafood and animal protein supply chains globally.
The company has built a full-stack technology ecosystem that integrates IoT automation, proprietary AI/ML analytics, real-time farm monitoring, embedded finance and market linkages.
The company claims that it has become the first aquaculture technology company in India to automate more than 25% of Indian shrimp farms. Its revenue is projected at Rs 275 crore for the ongoing financial year. It said that its technology division revenues have grown sixfold over the past year, reflecting accelerating adoption of digital infrastructure across aquaculture markets.
It expects to achieve EBITDA profitability this financial year.
AquaExchange said that its IoT and AI solutions-based operations span five Indian states. The company also operates in three international markets: Ecuador, Saudi Arabia, and Madagascar. Globally, the company's platform monitors over 80,000 acres of aquaculture farms.
Published by HT Digital Content Services with permission from VC Circle.