Press Release: October 12, 2020
Agrowave Brings the Market to Indian Farmer’s Doorstep
Agrowave, the farm-to-business mobility supply chain company has raised fresh capital as it works towards bringing the market to the farmers’ doorstep. As Indian farmers have suffered the inefficiencies of a complicated supply chain and struggled to get a fair price for their produce, leading to hoarding and food wastage, the company is looking to create an integrated supply network through its mobile pickup stations (MPS) to back its predictive farm analytics play as a way to solve both production and distribution challenges of farmers.
Founded by IIT Delhi alumnus Anu Meena in 2017, the start-up venture is funded by mobile app and cloud solutions company Daffodil Software and US-based angel investor, Sekhar Puli, who also co-founded REAN Cloud, a US-based cloud systems integrator (acquired by Japan’s Hitachi Vantara in 2018).
The company’s vision is to build a farm-to-business mobility supply chain through an integrated network of mobile pickup stations (MPS) that will bring down the procurement cost by up to 10-15% as explained by Anu. The company’s internal technology system will also enable the route mapping of MPS, collection centres and warehouses, as well as big data intelligence-based supply-demand mapping.
“Our MPS procurement model helps us build trust with small and medium farmers in rural areas. It helps them to sell produce easily in their own village on fingertips through our mobile app. We are more focused on building the backend supply chain rather than just building demand. The best part is famers not only get the best price but they are paid immediately on delivery of their crop” Meena said.
Agrowave procures fruits and vegetables from farmers in Haryana, Punjab, Uttar Pradesh and Rajasthan, and supplies them to small markets and businesses such as hotels, retailers, restaurants and PGs in Delhi-NCR, in future AGROWAVE plans to expand to other non-perishable commodities as well for complete value chain. The company also offers separate apps for businesses and farmers. The business app allows organisations to buy fresh produce in bulk and pay online, while the farmer app allows them to schedule supply from their farms, and publish information such as commodity, volume, expected price, location and transportation requirements. The platform currently works with over 3,500 farmers. There are plans to develop a big data and AI-based price prediction model at the supply side to eliminate price negotiations and reduce revenue leakage, she said.
“Agrowave has built a farmer-to-mandi and mandi-to-customer model, which is unique in many ways. There is end-to-end traceability of the product with quality control and little loss in storage and transportation,” Hemendra Mathur, venture partner at Bharat Innovation Fund, said. An Agrowave mentor, Mathur is the co-founder of ThinkAg, a platform that aids innovation in agriculture and food sectors.
Agrowave is led by a passionate team that is focused on creating a sustainable model through technology to bring a positive change in farmers’ lives. The company will not only just provide ample opportunities for the farmers to increase their reach but also check and minimise on-ground revenue leakage. This initiative will help amplify growth and prosperity for the agri-based industry.