RML AgTech raises $4 million capital funding from IvyCap Ventures

RML AgTech, a startup focused on providing agriculture support solutions through mobile phones to farmers, has raised $4 million capital from a Series B funding round from IvyCap Ventures, a private equity firm. The startup is expected to use the funds to strengthen its IT infrastructure and bring in new products in the market which are in development stage.

Before the current round, IvyCap had invested INR18 crore in the farming startup, and holds a majority stake of over 50% in the startup. The company help modern day progressive farmers take critical decisions with the use of advanced technology, analytics, tools and helps farmers decide what to grow, how to grow, where and when to sell using their smart phones.

Rajiv Tevtiya, MD & CEO RML AgTech, said that “We will be strengthening our team and focus on creating services and tools to help farmers significantly improve agriculture productivity and profitability using technology. Focus will be given on collecting data science from fields to mandis to help farmers know on crop position to market price of produce.” He also said that “We are going to soon provide customized smart farming solutions to farmers which will enhance crop productivity and earnings. In developed countries like USA or Canada, farmers spend 13% as input cost on technology and marketing agronomy news/data after investing in seed and fertilizers, unlike India where focus is on machinery and not data science”.