B2B cross-border agri-commodity procurement platform, Hectar Global, raised $2.1 million in seed led by Powerhouse Ventures. Other participants in the funding round included WEH Ventures, All In Capital, Indian Silicon Valley, as well as angel investors Anant Sarda and Adhish Ladha.
Funding for Expansion and Strengthening Digital Infrastructure
Hectar Global plans to utilize the funding to expand its operations into new geographies and bolster its digital infrastructure. The startup’s co-founder and CEO, Srinath Srinivasan, emphasized their focus on operating profitably from the beginning, with internal accruals covering operating expenses thus far. The infusion of capital, along with potential future equity rounds, will facilitate rapid expansion and the strengthening of their digital infrastructure.
Powerhouse Ventures Recognizes Expertise in Agri-Commodity Trading
General Partner at Powerhouse Ventures, Kshitij Golwalkar, highlighted the team’s experience in cross-border trade and their ability to build technology products as valuable assets in the agri-commodity trading industry. He acknowledged the complexities involved in trading such commodities, including product qualities, price fluctuations, documentation, and freight, and expressed confidence in Hectar Global’s ability to create significant impact in the sector.
Hectar Global’s Digitized B2B Ecommerce Platform
Founded in 2021 by alumni from the National University of Singapore, Hectar Global operates as a B2B ecommerce platform that facilitates bulk procurement of agri-commodities for wholesalers and retailers across the globe. The platform leverages data models and machine learning algorithms to digitize and enhance the efficiency of cross-border supply chain processes.
With offices in Singapore, Dubai, Bangladesh, and Sri Lanka, Hectar Global has successfully shipped over 50,000 metric tons of agri-commodities to countries across Asia, the Middle East, and Africa.
Growth Potential in Cross-Border Agri-Commerce
While the cross-border agri-commerce segment still faces regulatory hurdles and involves multiple stakeholders, it presents an intriguing opportunity for emerging Indian startups aiming to solve significant global challenges. This trend is driven by the substantial market potential of the global agriculture ecommerce market, which was valued at $30.68 billion in 2022 and is expected to reach $50.63 billion by 2030.
Indian startups in the cross-border space have recently attracted considerable attention and secured significant funding. For instance, cross-border payments solutions startup XFlow raised $10.2 million in pre-Series A funding, while cross-border logistics platform Agraga secured INR 70 crore in a Series A funding round. Additionally, venture capital firm Iron Pillar closed a $129 million cross-border fund to invest in homegrown SaaS startups, demonstrating the growing interest and investment in this segment.
Also Read The Latest News:
Elon Musk unveils xAI, an AI startup challenging tech giants
The post Hectar Global raises $2.1 million in Seed led by Powerhouse Ventures appeared first on StartupNews.fyi.
