VC Firm Omnivore Exits Aquatech Startup Eruvaka; Sells Shares To Nutreco
Venture capital firm Omnivore has exited aquatech startup Eruvaka after selling its stakes to Netherlands-based company Nutreco. With this, Nutreco has now acquired a majority stake in the startup.
The deal will help Nutreco’s aquaculture business Skretting to offer software, equipment and monitoring services to shrimp farmers across the globe.
“Eruvaka is an amazing example of Make in India, delivering cutting-edge agritech solutions to aquaculture farmers globally. With Nutreco acquiring Eruvaka, the Indian agritech ecosystem has seen its first large exit, and many more will follow in the coming years,” said Mark Kahn, managing partner at Omnivore.
Set up in 1994, Nutreco offers animal nutrition and aqua feed solutions across the globe. It runs two brands–Skretting for aqua feed and Trouw Nutrition for animal nutrition.
Nutreco employs nearly 11,000 people in 35 countries, as per its Linkedin profile.
“I am extremely grateful to my incredible team in Vijayawada, who believed in the vision and persevered to make Eruvaka a global leader in precision aquaculture technology. We are thankful to Omnivore for believing in us. I have faith that Eruvaka will thrive under the leadership of Nutreco too,” said Sreeram Raavi, founder of Eruvaka.
Founded in 2013 by Sreeram Raavi, Eruvaka develops sensors, connected devices and mobile-based tools for shrimp farmers that can help increase productivity and simultaneously, reduce risk to crops. After integrating these equipment on farms, farmers can monitor their crops and also automate repetitive processes on their farms.
Eruvaka aims to help farmers monitor their ponds in a better way and also, reuduce their investments thereby, inducing sustainable development of crops. It is currently operating in India and other international markets including Ecuador, Honduras, and Mexico. The startup claims to be profitable from the financial year 2018-19.
In 2018, Eruvaka bagged an undisclosed investment from Nutreco and Omnivore in its Series B funding round. As a part of the deal, Nutreco acquired a 25% stake in the acquatech startup.
In 2020, India’s agritech sector housed over 1000 startups, up from 43 startups in 2013. Over the years, the sector has exponentially grown due to increased internet penetration in rural areas, positive investor sentiments, and the lack of hi-tech equipment for agriculture farmers.
According to an Inc42 report, India’s agritech market was pegged at $204 Mn in 2020. The industry is likely to become a $24.1 Bn market by 2025.
Success is not final; failure is not fatal: It is the courage to continue that counts.I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business. For any rectifications, reach out to email@example.com