Delhi-based Agriculture supply chain technology startup Gobasco has raised an undisclosed amount in Seed funding from Matrix Partners India.
The startup will deploy the proceeds towards scaling and building a full stack commerce platform that yields higher operational efficiency, improves realisations for farmers, reduces wastage and enhances price and market discovery for agricultural commodities.
“The goal is to use artificial intelligence and big data to optimise the agri supply chain across India,” said Abhishek Sharma, co-founder of Gobasco, reported ET.
Started this year, by Abhishek Sharma and Vedant Katiyar, the company, which is operational in Lucknow and NCR, has worked with over 5,000 farmers till date. It carries out realtime data analysis on multiple data streams, through crowd-sourced data from producer and buyer marketplaces. According to the startup, this results in optimising the transportation cost by over 30%.
Gobasco provides farmers and agricultural SMEs with a data-rich technology platform and network to grow their profits as well as combines large-scale data integration with proprietary technology to bring transparency to commodity supply from farm to fork.
Of late agritech startups have been hitting right on the money. Last month, Bengaluru-based supply chain-focused aggregation platform Gold Farm raised a seed fund of $2 million from Mahindra Group and venture capital fund Infuse Ventures.
Another Bengaluru-based Farm Taaza, a fresh produce supply management company, raised $8 million in its series-A round of funding led by Hong Kong-based Epsilon Venture Partners.
Prior to that, farm-to-retail supply chain startup, Crofarm also raised Rs 5 crore in a pre-Series A round led by Factor[e] Ventures and angel investors – Rajan Anandan, Google India MD, and Jitendra Gupta, PayU India MD among others.