Aibono, an AgTech startup founded by Vivek Rajkumar, an engineer from IIT Madras, has raised USD 2 million (about Rs 15 crore) from investors to fund expansion plan and growth of the business. AIBONO is a next dimension food & farming platform that unites two ends of the food chain from growing to consuming and creates an aggregate from seed-to-plate using the power of communities, artificial intelligence, and the internet.
The funding round was led by Rebright Partners and Mitsui Sumitomo Insurance Venture Capital based out of Tokyo and Singapore, respectively. Swiss impact investor Lesing Artha, also participated in the round.
“With this round of funding, we will now invest to scale capacity and increase supply to our existing Kirana businesses, expanding to institutional retail as well as making possible direct-to-home supply of super perishables via modern delivery platforms in the next phase of our growth.”Vivek Rajkumar, founder, AIBONO
As the first-ever AI-powered aggregator of fresh produce in India, AIBONO is leading the $250 billion fruits & vegetable chain towards a transformation with its disruptive Seed-to-Plate™ platform. This empowers communities of farmers to achieve two times the yield, two times the income and less than half the wastage as before, by giving them precise insights derived from AI & shared farm intelligence on what to produce and how to produce it.
At present, Aibono works with more than a thousand farmers and 800 retailers. It sources organics and vegetables from the Nilgiris region in Tamil Nadu. The company also offers a stack of services by helping farmers to grow better produce, and supplies produce to kiranas and the retailers. The company is targeting to double the number of farmers on its platform to 2,000.
Read more at Economic Times.