Balwaan, an agritech startup, has successfully raised $2 million in its pre-Series A funding round.
The round was led by Caspian Leap for Agriculture Fund, an agriculture-focused fund managed by Caspian Equity. Several notable angels, including Deepak Agarwal (MD of Bikaji group), Rishab Jain (CFO of Bikaji), Pulkit Bachhawat (Founder, Right Pillar Advisors), and others, also participated in the funding round.
The newly acquired capital will be utilized by Balwaan to develop new products and establish a nationwide distribution network for its existing offerings. Additionally, the funding will support Balwaan’s expansion plans in the southern and eastern regions of India.
Founded in 2016 by Rohit Bajaj and Shubham Bajaj, Balwaan focuses on providing affordable and effective machinery to manage small and marginal farms, thus boosting production and improving the lives of farmers and rural communities.
Before this funding round, Balwaan claims to have sold over 60,000 pieces of equipment, covering nearly 10,000 hectares of land. Their products have gained recognition as best-sellers in their respective categories on leading online platforms such as Amazon and Flipkart.
With a warehousing capacity of 15,000 square feet, Balwaan has the capability to fulfill over 1,000 orders daily. The company takes pride in its dedicated after-sales support team, consisting of agricultural graduates who provide prompt assistance and expert guidance to farmers.
Balwaan has formed partnerships with prominent players in the industry, including BigHaat, Moglix, IndustryBuying, Freshokarts, Tractor Junction, and others, to expand its reach and offer a comprehensive range of products.
Caspian Equity, through its fifth fund called Caspian Leap for Agriculture Fund (LEAF), aims to invest in and support seed and pre-Series A startups in the agriculture and agri-tech sector. LEAF’s focus is on high-impact solutions that cater to farmers, sustainable agricultural practices, enabling technology solutions, and farm infrastructure.
- our correspondent
