The B2B agritech platform will deploy the funds to scale up its technology team and roll out new features
Bijak, a B2B platform for agricultural commodities, has raised $12 million (Rs 91 crore) in Series A funding led by RTP Global, a venture capital firm focused on early-stage technology investments. Existing investors Omnivore, Omidyar Network India, Sequoia Capital India’s Surge, and Better Capital also participated in the round.
Gurugram-based Bijak is a platform that gives agricultural commodity buyers and sellers better prices, increased working capital, and optimised logistics. Bijak brings accountability and transparency into the agricultural value chain through a buyer/seller rating system, and enables traders, wholesalers, and food processors to discover new and reliable trade partners. Commenting on the Series A round, Nukul Upadhye, co-founder of Bijak, said, “This funding would help us scale our technology team and roll out new features.”
Bijak was launched in April 2019 by Nukul Upadhye, Mahesh Jakhotia, Jitender Bedwal, Daya Rai and Nikhil Tripathi, and has been growing aggressively since then. In just one year, it has scaled to 22 states, 90 commodities, and $150 million in annualised GMV. “Thousands of buyers and sellers across more than 500 locations use the Bijak platform to transact everyday. The company collaborates with all the existing players in the value chain including APMC traders, institutional buyers, and other agritech startups,” Upadhye said.
Bijak previously raised a $2.5 million Seed round in December 2019 from Omnivore, Omidyar Network India, Surge, and Better Capital. It was part of the second cohort of Surge, Sequoia’s rapid scale-up programme for startups in India and Southeast Asia.