Agritech startup Onato, a data driven B2B platform for fresh produce, on Tuesday said it has raised $2.2 million from investors to expand its business.
The funding round was led by Vertex Ventures Southeast Asia and India with participation from Omnivore, the company said in a statement.
The Bangalore-based startup said it plans to use funds for talent acquisition and scaling up operations.
Vedant Katiyar, cofounder at Onato, said more than 60 per cent population of India is dependent on agriculture and yet tech penetration in the agri-supply chain is quite low. Decision making is mostly intuition has driven which leads to a lot of volatility in prices and wastage.
“Transparency in price discovery and fulfillment through technology will play a crucial role in streamlining the supply chains and decision making,” he added.
Ashish Jindal, cofounder at Onato, said, “we envision that by harnessing the power of on-ground data, we can create a revolutionary change in the existing agri value-chain which will result in better value distribution for all participants from farmer up to end-consumer.”
Founded in February 2021, Onato is building a technology platform for fruits and vegetables (F&V) industry.
(With PTI Inputs)