25 January 2017, India:
RML AgTech, a technology company providing ‘Agri Decision Support Solution’ on mobile phones to farmers, has raised $4 million from IvyCap Ventures, a private equity firm.
The funds will be utilized to strengthen RML AgTech’s IT backbone and to bring in new products and features on its current offerings. The funds were raised in multiple tranches from IvyCap Ventures in 2016.
Vikram Gupta, Founder & Managing Partner, IvyCap Ventures said, “The agriculture sector in India today stands at an inflection point where food security for future India will be determined. And it is the agri-tech sector that has the potential to address the challenges we face today. We found the product and strategy model of RML AgTech to principally to address these concerns and hence a huge potential for the time to come.”
Rajiv Tevtiya, Managing Partner & CEO, RML AgTech said, “We are glad to see the faith laid by IvyCap Ventures in our business model. We believe, with the increased penetration of smartphones in the rural area and the push given by the government to go digital, accessibility of our products to farmers will see significant growth over the next 2-5 years. Upgrading of technology in the agriculture sector will also boost farmer income and help achieve the vision of doubling farmer income by 2022, as laid out by Prime Minister Narendra Modi.”
RML AgTech provides customized smart farming solutions to enhance crop productivity and earnings of the farmers. The company has developed app-based solutions for every stage of farming, starting from soil testing, what to grow, how to grow, where and when to sell for agriculturists. The services are easily accessible on smartphones in a personalized manner complemented with multiple languages and on-call service.