Onato raises $2.2M in seed round

onato funding

Onato, a data-driven B2B platform for fresh produce, announced that it has raised USD 2.2 million in a seed round led by Vertex Ventures Southeast Asia & India with participation from Omnivore. 

Onato is developing a technology platform for the country’s USD 100+ billion fruits and vegetable industry. The startup plans to use the freshly raised funds for hiring and ramping up its operations. 

The Bengaluru-based startup was established in February 2021 by Vedant Katiyar and Ashish Jindal. 

Vedant Katiyar said, “More than 60% population of India is dependent on agriculture and yet tech penetration in the agri-supply chain is quite low. Decision-making is mostly intuition driven which leads to a lot of volatility in prices & wastage. I believe bringing in transparency in price discovery and fulfillment through technology will play a crucial role in streamlining the supply chains & decision making.”

Ashish Jindal added, “We envision that by harnessing the power of on-ground data, we can create a revolutionary change in the existing agri value-chain which will result in better value distribution for all participants from farmer up to end-consumer.”

Commenting on the investment, Kanika Mayar, Executive Director of Vertex Ventures Southeast Asia & India said, “Most of India’s fresh supply moves through inefficient supply chains due to fragmented volumes, arbitrary pricing, and complex credit management. Onato aims to solve for these critical bottlenecks and we are excited to partner with Vedant and Ashish on their mission of bringing scalable disruption to the F&V supply chain in India.”

Jinesh Shah, Managing Partner of Omnivore, added, “Onato’s well-crafted digital intervention and robust fulfillment process are easing the burden of credit in the supply chain. The startup is also solving the issue of income instability in Indian agriculture that so often compels farmers to exit farming altogether.” 

Onato’s platform connects several stakeholders directly and utilizes data from the demand and supply side to bring transparency in volume and pricing, ensure timely payments, and help customers access new business opportunities. This in turn drives better margins and enables small and medium participants to grow their business over time without increasing their credit burden.

Onato seems to be an interesting platform supporting several small business owners. I believe the company will continue to prosper in its journey ahead. My best wishes to the team of Onato.

Shishir Gupta, Founder and CEO, StartupLanes

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