The Series-A funding round is expected to mop up Rs 100 crore with an Aavishkaar Capital partner, and a technology venture capital fund is also set to join the round, it added.
Founded by Kishor Jha and Praveen Kumar, Ergos has been building a GrainBank model that has been piloted in Bihar. The model enables farmers to digitise their foodgrain and also provides doorstep access to end-to-end post-harvest supply chain solutions to farmers.
The Ergos platform operates as a bank and offers storage, digitisation, credit, and liquidation facility to farmers through a single platform.
“With the right amount of investment and strong institutional backing, we have the ability to make the Prime Minister’s vision of doubling the farmer income come true in a much shorter span. Our focus is to build this GrainBank to serve post-harvest requirements of all farmers with a focus on small and marginal farmers,” Ergos Co-founder and CEO Kishor Jha said.
With Aavishkaar Capital’s backing and other investors to join, the intent is to rapidly scale into nearby states and service more than a million farmers by 2025 with over 2,000 branch locations, he added.
In another development, MedGenome, the US and India-based genetic diagnostics, research and data company has announced that it has raised an investment of $55 million led by LeapFrog Investments on Wednesday. Existing investors Sofina and Sequoia also participated in the Series D round.
The company said it has completed over 200,000 genomic tests to date and obtains samples from more than 550 hospitals and 6,000 clinicians across India.