Agri Business

RML AgTech raises $4 mn from IvyCap Ventures

| | Updated on: Jan 25, 2017

Agriculture tech solutions provider RML AgTech has raised about $4 million (Rs 26 crore) in multiple tranches from venture capital firm IvyCap Ventures. The company, which provides agriculture-related decisions and support to farmers on mobile phones, would utilise the funds to strengthen its IT infrastructure and to bring in new products and features on its current offerings.

Rajiv Tevtiya, Managing Partner & CEO, RML AgTech said, “We believe with the increased penetration of smartphones in the rural areas and the push given by the government to go digital, accessibility of our products to farmers will see significant growth over the next two-five years. Upgrading technology in the agriculture sector will also boost farmers’ income and help achieve the vision of doubling farmer income by 2022, as laid out by Prime Minister Narendra Modi.”

RML’s solutions, especially through data analytics, helps farmers across 16 states take steps or decisions that would help enhance crop productivity and also their earnings, the company said, adding that it has developed app-based solutions for every stage of farming, starting from soil testing, what to grow, how to grow, where and when to sell for agriculturists. The services are easily accessible on smartphones in a personalised manner, complemented with multiple languages and on-call service, it added.

Vikram Gupta, Founder & Managing Partner, IvyCap Ventures said, “The agriculture sector in India today stands at an inflection point where food security for future India will be determined. And it is the agri-tech sector that has the potential to address the challenges we face today. We found the product and strategy model of RML AgTech to principally address these concerns and hence a huge potential for the time to come.”

Published on January 27, 2018

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