Agritech startup Balwaan has raised $2 million in its pre-Series A round led by Caspian Leap for Agriculture Fund, an agri-focused fund managed by Caspian Equity, with participation from angels including Deepak Agarwal (MD of Bikaji group), Rishab Jain (CFO of Bikaji), Pulkit Bachhawat (Founder, Right Pillar Advisors), and others.
With the newly raised capital, Balwaan plans to develop new products and establish a pan-India distribution network for their existing products. Along with it this funding is to support Balwaan’s expansion plans in the southern and eastern regions of India.
Founded in 2016 by Rohit Bajaj and Shubham Bajaj, Balwaan’s offerings boost production, improves farmers’ lives, and alters rural communities by providing affordable and effective machinery to manage small and marginal farms.
Prior to this funding round, Balwaan claims to have sold over 60,000 pieces of equipment, covering nearly 10,000 hectares of land. The firm’s products have been recognized as best-sellers on leading online platforms such as Amazon and Flipkart in their respective categories.
With a warehousing capacity of 15,000 square feet, it can fulfil over 1,000 orders on a daily basis. The company also boasts a dedicated after-sales support team comprising agricultural graduates, providing farmers with prompt assistance and expert guidance.
The firm has partnered with BigHaat, Moglix, IndustryBuying, Freshokarts, Tractor Junction, and others to expand its reach and offer a comprehensive range of products.
Venture capital fund manager Caspian Equity through its fifth fund – Caspian Leap for Agriculture Fund (LEAF), plans to invest and support seed and pre-series A startups in the agriculture and agri-tech space. Caspian LEAF will focus on high impact solutions focused on farmers, sustainable agricultural practices, enabling technology solutions and farm infrastructure.
