Agritech startup Onato, a data driven B2B platform for fresh produce, on Tuesday said it has raised USD 2.2 million from investors to expand its business. This round was led by Vertex Ventures Southeast Asia and India with participation from Omnivore, the company said in a statement. Onato plans to use funds for talent acquisition and scaling up operations.
Based out of Bangalore, Onato was founded in February 2021 by entrepreneurs Vedant Katiyar and Ashish Jindal. The startup is building a technology platform for fruits and vegetables (F&V) industry. ”More than 60 per cent 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 and wastage,” Katiyar said.
Transparency in price discovery and fulfilment through technology will play a crucial role in streamlining the supply chains and decision making, he 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,” Jindal said.