Agri Business

Arya raises $6 million in pre-Series B funding

Press Trust of India New Delhi | Updated on March 04, 2020 Published on March 04, 2020

Agri post-harvest services platform Arya on Wednesday said it had raised $6 million (about ₹43 crore) in pre-Series B funding from venture capital firm Omnivore and existing investor LGT Lightstone Aspada.

The company plans to use the funding to accelerate the growth of their agri storage network, build their book in warehouse receipt financing, and lay the foundations of a pan-India agri warehousing marketplace, the company said in a statement.

Arya plans to launch its Series B fundraising round by mid-2020.

“Omnivore’s coming on board will strengthen our next generation work to further improve efficiencies in the post-harvest ecosystem,” Arya CEO and Co-founder Prasanna Rao said.

LGT Lightstone Aspada had earlier invested in Arya’s Series A round in December 2016.

Based out of Delhi, Arya currently manages over 2.5 million tonnes of agri commodities in its 1,400 warehouses. Also, around 75 per cent of its warehousing capacity is located in primary and secondary markets.

Arya is also launching a rural storage discovery platform aiming to build a pan-India agri warehousing marketplace. Until 2013, Arya was part of the JM Baxi Group.

Published on March 04, 2020

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.