Bull Agritech Secures $100K Pre-Seed Funding from PedalStart, Pioneering Agri-Commodity Supply Chain

In an exciting development for the agritech sector, Bull Agritech, an innovative startup, has successfully raised $100,000 (approximately Rs 80 lakh) in its pre-seed funding round. The funding was spearheaded by the renowned startup accelerator, PedalStart, as they unveiled this strategic investment on Friday. Bull Agritech, a prominent participant in PedalStart's current cohort One-to-N, is a pioneering commodity supply chain company. It specializes in establishing direct connections between farmers and agri-commodities processors, facilitating the sale of non-perishable crops. This innovative approach also empowers commodity processors by granting them direct access to the farming community, ensuring control over the final leg of the supply chain.

The freshly acquired capital will be channeled into the expansion of Bull Agritech's operations, allowing for accelerated growth, and supporting their hiring initiatives. Since its launch in 2021, Bull Agritech has successfully onboarded over 15,000 farmers onto its platform and has played a pivotal role in trade transactions exceeding Rs 25 crore.

Hit Desai, Co-founder of Bull Agritech, underlined the significance of their mission, stating, "We see a huge opportunity in the non-perishable agri-trade market as the farmers have been left with a 100-year-old monopoly that is APMC which lacks market connectivity, transparency, and efficiency. It is a known fact that the intermediaries use this monopoly to manipulate the market which results in farmers’ loss."

The agri market in India is poised for substantial growth, with a projected compound annual growth rate (CAGR) of 8.41 percent in its gross production value, expected to reach $597.70 billion in 2028, according to data platform Statista. The import value in the agriculture market is forecasted to reach $2,266 million in 2023, with a CAGR of 28.09 percent anticipated until 2028. Additionally, the export value is estimated to reach $7,887 million in 2023, with a CAGR of 5.34 percent projected over the next five years.

Manas Pal and Aditya Darolia, Co-founders at PedalStart, expressed their enthusiasm for Bull Agritech's impressive achievements, stating, "With a mission to revolutionize the non-perishable agri-trade market and empower farmers through transparent and efficient market connectivity, Bull Agritech has already facilitated trades worth INR 25 Crores and onboarded 15,000 farmers digitally, illustrating their rapid growth and impact in just 18 months." This investment signifies a significant stride towards fostering innovation and efficiency in India's agritech landscape.