Arya.ag, a grain commerce platform that connects agri producers (sellers) and buyers, said it has raised $30 million in debt financing from GuarantCo (part of PIDG) through HSBC India.
The company, which competes with DeHaat, Ninjacart, and Bijak, provides warehousing and debt services to farmers through third-party lenders. Its clients include farmers, producer organisations, financial institutions, SME agri processors, commodity traders, and agribusinesses.
Founded in 2013 by Prasanna Rao, Anand Chandra, and Chattanathan Devarajan, Arya.ag claims to be India’s largest grain commerce platform.
The company will use the funds to provide post-harvest liquidity to farmers, farmer-producing organizations (FPOs) and small agri-enterprises, to bring them under the formal banking channel.
According to information on its website, it manages grain value of over $3 billion across 21 states in India and facilitates over $1.3 billion of finance annually.
The latest financing comes months after the firm raised $29 million from its existing investors such as Asia Impact SA and Quona Capital.
In its Series C round, Arya.ag raised $60 million led by Asia Impact SA, Lightrock, and Quona Capital in 2022.
According to a report by Tracxn, food and agriculture tech emerged as a bright spot, raising $1.95 billion, an 87.5% increase from $1.04 billion in 2023, although still down 37.3% from its $3.11 billion peak in 2022.