EF Polymer funding
Agritech startup EF Polymer announced on Friday that it has raised ¥40 million (Rs 2.7 crore) in a seed funding round from Japan-based venture capital investor MTG Ventures, Beyond Next Ventures, Yosemite LLC, Inc, and angel investor Tatsuya Suzuki.
Founder and CEO of EF Polymer, Narayan Lal Gurjar, said that the fund will back the startup to grow its business and improve its technological capabilities.
He further added, “We would like to utilize this fund to first increase our production capacity and employment, as well as to expand our sales channels. We are committed to promoting organic farming and the circular economy. With our technology, we believe we can make significant contributions to achieving the SDGs by making our products more widely available.”
The Rajasthan-based startup intends to address farming-related concerns such as soil pollution, water scarcity, and the wide use of chemical fertilizers in a sustainable manner. Its leading product Faisal Amrit is a completely biodegradable and natural water retention polymer that promotes low water agriculture.
Commenting on the development, Puran Singh Rajput, Co-founder of EF Polymer said, “Soon, we believe that our innovative solutions will bring hope to farmers who are leaving the agriculture sectors due to insufficient water, high chemical fertilizer requirements, and other problems. By using our products, they will be able to get more yield and more income while reducing the agricultural inputs.”
EF Polymer Private Limited operates in Japan and India and is a subsidiary company of EF Polymer KK, its holding company and the Japanese entity, which focuses on research and development, and collaborative projects for organic farming while the former takes care of manufacturing, sales, and marketing.
The startup was selected for a one-year residency incubation program by the Japanese government at the Okinawa Institute of Science and Technology (OIST) in 2019. The program included funding of 10 million Yen, along with access to market, mentorship, clients, training, and a connection with other investors.
EF Polymer is offering eco-friendly and sustainable agricultural supplies to developing countries and solving global environmental issues related to agriculture such as drought. The latest funding will take the company to new heights.Shishir Gupta, Founder and CEO, StartupLanes
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