Sequoia-backed Surge Ventures, Omidyar Network, AL Trust, Tempo Ventures and Omnivore Partners also participated in the financing round, according to the company’s regulatory filings sourced by Paper.vc
The Gurugram-based startup has issued a total of 2,591 Series A compulsorily convertible cumulative preference shares (CCCPS) with a face value of Rs 100 at a premium of Rs 3.50 lakh per unit to the aforesaid investors.
Ru-Net Enterprises Ltd has invested a total of Rs 38.08 crore in the round while Surge Ventures II and Omidyar Network-led ON Mauritius have invested Rs 15.23 crore and Rs 17.51 crore, respectively. AL Trust has infused Rs 1.43 crore, while Tempo Ventures and Omnivore Partners have invested nearly Rs 98 lakh and Rs 17.51 crore, respectively, the filings show.
Founded in April 2019 by Nukul Upadhye, Mahesh Jakhotia, Jitender Bedwal, Daya Rai, and Nikhil Tripathi, Bijak enables traders, wholesalers and food processors to keep a ledger of their transactions, access transparent pricing, optimise logistics and improve their working capital cycles, according to its LinkedIn profile.
The startup raised $2.5 million as part of seed funding from Sequoia’s SurgeAhead, Omidyar Network, Omnivore and other angel investors last December. At that time, the company’s founder Nukul Upadhye had said: “We are targeting a $200 billion market in India, which has almost five million-plus middlemen.”
Some of the other recent deals in the agritech space include DeHaat’s $12 million Series A funding round, which was led by venture capital firm Sequoia Capital India, with co-investment from Dutch development bank FMO earlier this month. In December, enterprise resource planning (ERP) platform FarmERP had raised Series A funding of an undisclosed amount from Singapore-based strategic investor Technogen.