Agri-tech co Ergos raises $10-M led by Norway's Abler Nordic
Bengaluru-based agritech company Ergos has raised USD 10 million through a combination of equity and debt as part of its Series B round led by Abler Nordic, a Norway-based financial inclusion fund, and existing investors Aavishkaar Capital, Chiratae Ventures, and Trifecta Venture Debt Fund. Ergos claims to empower farmers to convert their grains into tradable digital assets. It also links farmers to markets and safe grain storage in warehouses and facilitates access to affordable finance through partner lenders. The company also gives marginal farmers access to storage services for 8-9 months after the harvest, following which they can access credit for 70% of their stored and digitised grain through a digital process from banking partners.
From the Venture Intelligence PE-VC Deal Database: Between March 2015 and December 2020, Ergos had raised over USD 11.57 M from Aavishkaar Capital, Chiratae Ventures and British International Investment. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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