Agritech-focused venture capital firm Omnivore announced the sale of Eruvaka to Nutreco on Tuesday, delivering the largest exit to date in Indian agritech. Based in Vijayawada, Eruvaka develops cloud-based aquaculture pond management solutions, including real-time monitoring and smart feeders.
Nutreco, a global leader in animal nutrition and aquaculture, acquired a majority stake in Eruvaka. Nutreco’s acquisition of Eruvaka will enable Skretting, its aquaculture business, to deliver on-farm software and smart equipment to shrimp farmers globally.
However, Omnivore has not disclosed details of the transaction.
Omnivore originally invested in Eruvaka in 2013, one year after the start-up was launched by Sreeram Raavi, an engineer with prior work experience in semiconductors. Raavi recognized that shrimp farmers globally struggled with pond management and began building IoT solutions to radically improve their profitability. Within a few years, this home grown Andhra Pradesh start-up discovered a demand for its technology solutions across multiple geographies, including Ecuador, Honduras, and Mexico.
Eruvaka has been profitable since FY19 and has delivered 168.5 per cent compound annual revenue growth since FY18, Omnivore said in a statement.
Sreeram Raavi, Founder of Eruvaka said, “I am extremely grateful to my incredible team in Vijayawada, who believed in the vision and persevered to make Eruvaka a global leader in precision aquaculture technology. We are thankful to Omnivore for believing in us and guiding Eruvaka to this moment. I have absolute faith that Eruvaka will thrive under the leadership of Nutreco, bringing digitization and sustainability to aquaculture farms worldwide.”
Mark Kahn, Managing Partner at Omnivore, said “Eruvaka is an amazing example of Make in India, delivering cutting edge agritech solutions to aquaculture farmers globally. With Nutreco acquiring Eruvaka, the Indian agritech ecosystem has seen its first large exit, and many more will follow in the coming years. This is a very proud moment for Omnivore, for Eruvaka, and for agritech in India.”
Nutreco CEO Fulco van Lede says, “We are grateful to everyone whose expertise and vision brought Eruvaka to where it is today. In particular, the company’s dedicated employees, its most valuable asset; its founder Sreeram Ravi, who not only invented the original concept but whose vision and drive brought it successfully to market; and aqua/agritech-focused venture capital firm Omnivore, whose early belief and investment in the company were instrumental to its growth. We are looking forward to further developing and growing Eruvaka together with its great team.”