Agricultural technology company Ergos secures $10 million in Series B funding to support and uplift farmers

Ergos, an agricultural technology company headquartered in Bengaluru, has successfully raised $10 million in funding during its Series B round. The leading investor in this funding round is Abler Nordic, a financial inclusion fund based in Norway. Existing investors such as Aavishkaar Capital, Chiratae Ventures, and Trifecta Venture Debt Fund also participated in the investment.

Ergos’ primary focus is on empowering farmers by providing them with the means to convert their harvested grains into tradable digital assets. This innovative approach allows farmers to maximize their earnings when selling their crops after the harvest. The company plays a pivotal role in connecting farmers with markets, securing grain storage facilities in warehouses, and facilitating access to affordable financing through its partner lenders.

One of the distinctive features of Ergos’ services is its provision of storage facilities for marginal farmers for a period of 8-9 months following the harvest. Subsequently, these farmers can access credit worth up to 70% of their stored and digitized grain through a streamlined digital process, benefiting from favorable interest rates offered by banking partners.

As of now, Ergos supports over 160,000 farmers through its platform and maintains a physical network of farmgate-based warehouses under the “Grainbank” brand, operating across more than 200 locations in Bihar, Karnataka, and Maharashtra.

Kishor Jha, the Founder and CEO of Ergos, emphasized the need to revitalize agriculture by empowering farmers and addressing their needs directly at the farm gate. He expressed the company’s commitment to expanding its presence within the farming community while scaling its operations rapidly.

Abler Nordic’s Managing Director, Arthur Sletteberg, noted that Ergos is tackling a critical issue faced by many Indian farmers—crop spoilage due to the lack of access to quality storage. This challenge not only impacts farmers’ income but also affects overall food security. Abler Nordic’s investment in Ergos aligns with their strategy of supporting a diverse range of innovative, inclusive solutions that contribute to building financial and climate resilience.