Chandigarh-based agritech startup — AgNext Technologies has raised a total of $21 million in Series A funding. The round was led by Alpha Wave Incubation (AWI) fund, which is backed by DisruptAD and managed by Falcon Edge. Existing investors Omnivore and Kalaari Capital also participated in the Series A round.
“In the era of agriculture 4.0, the demand for better market linkages and secure food trade is driving deeper penetration of technology in agricultural ecosystems. As first movers in the agricultural deep-tech space, we have established market leadership in India through our novel AI-based technologies that assure quality-based food trade across value chains. The deep-tech enabled value created by AgNext for our partners has been instrumental in driving our growth story,” said Taranjeet Singh Bhamra, Founder & CEO, AgNext.
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“Today, we are ready to scale our operations globally and delighted to partner with Alpha Wave Incubation (AWI) to accelerate our R&D initiatives and build a robust international presence. Continued support from Omnivore and Kalaari Capital is further validation of our pioneering technologies and also asserts their sustained commitment to our vision and growth,” added Taranjeet.
With this new capital infusion, AgNext will now enter newer commodities, strengthen its pan-India presence and expand to international markets such as the Middle East, Europe, and South Asia. The funds will also be used for the development of its tech platform Qualix to enable quality-driven trade transactions across the food value chains.
The company will also establish a new office in Abu Dhabi for deeper penetration into the targeted markets by diversifying its commodities portfolio and accelerating innovation to make food trade better, fairer, and more secure in the new geographies.