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Hectar Global secures $2.1mn in Seed Funding to drive innovation in cross border agri trade
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Thursday, 13 July, 2023, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Hectar Global, a Chennai based B2B cross-border agri commodity procurement platform, announced recently that it has raised $2.1 million in seed funding led by Powerhouse Ventures. The round also saw participation from WEH ventures, All In Capital, Indian Silicon Valley, and angel investors Anant Sarda and Adhish Ladha. Founded by National University of Singapore alumni Srinath Srinivasan, Sibhi Kumaran and Aswath Balaji, Hectar Global helps food buyers worldwide to purchase container volumes of agri commodities with e-commerce level convenience.
With the global agri commodities trade exceeding $3 Trillion annually, the company aims to be at the forefront of the digital transformation in the industry. The company’s platform digitises complex cross-border supply chain processes, making them more efficient, transparent, and sustainable. It leverages advanced data models and machine learning algorithms to provide real-time market information and actionable insights, helping customers plan their purchases to maximise profits.
Kshitij Golwalkar, general partner at Powerhouse Ventures, said, “Trading in Agri commodities requires deep domain expertise, given the inherent complexities in product qualities, price fluctuations, documentation, and freight. We feel that the team’s experience in cross-border trade and their ability to build technology products holds them in good stead to create significant impact in this industry.”
“While we are enamoured by the opportunity, as the market size is obviously large and there is no company effectively leveraging tech yet, our commitment to Hectar was primarily driven by the passion & execution demonstrated by the founding team. We believe there’s a definitive founder-market fit here” added Rohit Krishna, GP at WEH Ventures.
“We have maintained a strong emphasis on operating profitably right from our inception. Our internal accruals have taken care of all operating expenses so far and we are primarily viewing this capital infusion, and future equity rounds, to rapidly expand into new geographies, and strengthening our digital infrastructure,” concluded Srinivasan.
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