AquaExchange Secures $8 Million in Aquaculture Technology Series B Funding
Aquaculture technology startup AquaExchange has successfully secured $8 million, which is approximately Rs 72 crore, in its Series B funding round. This funding was co-led by Endiya Partners and Factor Analytics, with contributions from Accion Ventures and support from Ocean 14 Capital.
According to AquaExchange’s filings with the Registrar of Companies (RoC), the board of directors has sanctioned the issuance of 67,324 Series B Compulsorily Convertible Preference Shares (CCPS) and 20 equity shares, priced at Rs 1,068.38 each, to ensure the funding of around Rs 72 crore.
The filings indicate that the round was co-led by Endiya Partners and Factor Analytics, who each invested Rs 30 crore, followed by Accion Ventures, which contributed Rs 12 crore. Startup Superb’s analysts estimate that AquaExchange’s valuation has soared by about 74%, now standing at Rs 372 crore, or roughly $41 million, compared to Rs 214 crore during its Series A funding in January 2024.
The newly acquired capital will be directed towards expanding its international technology ventures, enhancing its share in the domestic market, and bolstering its presence throughout the aquaculture value chain. Post allotment in this funding round, both Endiya Partners and Factor Analytics possess an 8.06% ownership stake in AquaExchange, while Accion Ventures holds a 9.68% stake.
Founded by Pavan Kosaraju, Hemasundar Dhavili, Kareem Mohammod, and Kiran Bandi, AquaExchange empowers aquaculture farmers by utilising technology to enhance crop yields, minimise risks associated with crops, and manage increasing input costs. The company’s product lineup features PowerMon, a power management tool, and AquaBot, an automated feed management system. Additionally, it aids farmers in accessing formal crop loans and working capital from financial institutions.
AquaExchange asserts it is the pioneering aquaculture technology firm in India, automating more than 25% of the nation’s shrimp farming area. Its platform currently monitors over 80,000 acres of aquaculture farms across the globe and operates in five Indian states as well as international markets including Ecuador, Saudi Arabia, and Madagascar.
The company reported a substantial increase in operating revenue, growing 2.3 times to Rs 240.51 crore for FY25, up from Rs 104.88 crore in FY24. However, losses also increased to Rs 12.71 crore, up from Rs 9.35 crore over the same period. AquaExchange aims to achieve EBITDA profitability within the current financial year.