India-based RML AgTech, a provider of smart farming solutions, has secured $4 million. The investor was IvyCap Ventures.
Mumbai, January 25, 2017: 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.
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 smart phones in a personalized manner complemented with multiple languages and on-call service.
On the development Mr. 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.”
Adding to this, Mr. 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 smart phones 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 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.”
About RML AgTech Pvt. Ltd.:
RML AgTech provides end-to-end agriculture solutions to farmers on smart phones through its app and is slowing laying the foundation to digital agriculture in India. RML is focusing on creating services and tools to help farmers significantly improve agriculture productivity and profitability using technology. Its services help modern day progressive farmers take critical decisions with the use of advanced technology, analytics, tools and helps farmers decide what to grow, how to grow, where and when to sell using their smart phones. RML is present in 16 states in India and its services are cost effective for farmers. More details about RML can be seen at its website http://www.rmlglobal.com/wordpress/