Indian Farm Mechanisation Firm EM3 AgriServices Raises $10 Million
At a time when Indian agriculture is seeking structural solutions, marquee investors believe that addressing key fundamental aspects will allow the country to usher in the next green revolution
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India's private sector farm mechanisation services company EM3 AgriServices has raised a $10 million Series B round from London-based Global Innovation Fund (GIF) and existing investor Aspada.
The company had earlier raised a $3.3 million Series A from Aspada in June 2015.
The company said in a statement, “At a time when Indian agriculture is seeking structural solutions, marquee investors believe that addressing key fundamental aspects will allow the country to usher in the next green revolution. With this investment, EM3 will expand geographically across the country, boost ecosystem capacity and invest in building technology.”
According to Adwitiya Mal, CEO, EM3, "The next farm revolution is taking place through access to mechanisation. However, with a disorganised mechanisation ecosystem today, the rural economy is not able to fully realize it’s potential. We are pleased that GIF and Aspada are investing in building tomorrow's farm economy."
Kartik Srivatsa, Co-founder and Managing Partner, Aspada, said, " We now embark on the next phase to rapidly scale the Farming-as-a-Service (FaaS) model as well as our mobile platform for small-hold farmers to access services across the agriculture value chain."
According to EM3's founder and Managing Director, Rohtash Mal, " EM3 is committed to providing every farmer an opportunity to use farm services at a price point and convenience that will improve his yields and enable him to aspire for more crop variations with better economic value."