In this way, Nutreco has now purchased an entire stake in Eruvaka
The deal will enable Nutreco’s aquaculture venture Skretting to provide software equipment, monitoring and monitoring to shrimp farmers from all over the globe.
In the year 2018, Eruvaka bagged an undisclosed amount of funds by Nutreco along with Omnivore as part of its Series B financing round
Venture capitalist firm Omnivore has walked away from aquatech startup Eruvaka after it sold its stakes to Dutch-based company Nutreco. This means that Nutreco has now bought an entire stake in Eruvaka, a startup.
The agreement will allow Nutreco’s aquaculture venture Skretting to provide equipment, software as well as monitoring and management services for shrimp farms all over the world.
Eruvaka is an incredible instance in Make in India, delivering the most cutting-edge technology for aquaculture farmers around the world. Through Nutreco purchasing Eruvaka as a result, the Indian agricultural technology ecosystem has had its first major exit and more are expected in the near future, said Mark Kahn the managing partner of Omnivore.
Established in 1994, Nutreco provides animal nutrition as well as aqua feed solutions all over the world. It has two brands: Skretting for aqua feed, and Trouw Nutrition for animal nutrition.
Nutreco employs over 11,000 people across 35 countries, according the company’s Linkedin profile.
I am extremely thankful to my amazing team in Vijayawada who believed in the dream and worked hard to achieve Eruvaka the world’s pioneer in the field of precision aquaculture technology. We’re grateful to Omnivore for their faith in our company. I believe that Eruvaka will prosper under the direction of Nutreco as well, said Sreeram Raavi who is the co-founder of Eruvaka.
In 2013, Eruvaka was founded by Sreeram Raavi in 2013, Eruvaka is a company that develops sensors mobile devices, connected devices, and other tools for farmers who raise shrimp that improve productivity and, at the same time reduce the risk of crops. When these devices are integrated into farms, farmers are able to monitor their crops and automate repetitive tasks in their farms.
Eruvaka seeks to help farmers monitor their ponds an efficient manner and reduce their investment, thus helping to promote sustainable growth of their crops. Eruvaka currently operates in India and also in other markets which include Ecuador, Honduras, and Mexico. The company says it will be profitable after the financial year 2018-19.
In the year 2018, Eruvaka bagged an unspecified deal by Nutreco along with Omnivore in its Series B financing round. In the deal Nutreco bought an interest of 25% in the startup acquatech.
In the year 2020, India’s agritech sector included more than 1000 startups rising from 43 startups in 2013. Through the years the sector has significantly expanded due to the increase in connectivity to the internet within rural regions, encouraging investor sentiments, as well as the inaccessibility of modern equipment for farmers.
In the Business Headers research report the Indian agritech market was estimated at $204 million in 2020. It is expected to be an $24.1 billion market by 2025.