Mumbai-based agritech startup Sattvaponics has raised an undisclosed amount of funding from Indian Institute of Management, Ahmedabad’s (IIMAs) Centre Centre for Innovation Incubation and Entrepreneurship (CIIE) and Sanjay Mariwala, Founder and Managing Director of OmniActive Health Technologies.
This investment marks the ninth investment by CIIE in the agritech sector, in line with its objective of supporting breakthrough innovations that tackle India’s most pressing problems.
Sattvaponics was founded by Kevin Parekh and Ashish Korde in 2017. It aims to change the nutraceutical industry by producing clean and high potency raw materials. Both the co-founders are nutraceutical professional, with Kevin completing Masters in Medical BioTechnology, while Korde has an MBA from Indian School of Business (ISB).
The high level of contamination of natural products due to pesticides, heavy metals, microbial, low bioactive content, and inconsistency in output due to heavy reliance on weather, soil and traditional means of production, threatening the medicinal food industry.
Although the major part of the natural product value chain consisting of ingredient manufacturers, formulators as well as consumer brands are organized and regulated, Sattvaponics is looking to address the agricultural practices, which remain largely unorganised.
The agritech startup is trying to completely optimise the agricultural life cycle from sowing to harvest, in order the revolutionalise the supply chain, to provide organic, nutritious, and healthy products.
Sattvaponics has one developed product that is already in commercial use and it is currently working on two new products, for which it already has consumer tie-ups, with more products in the pipeline.
Talking about the future plans, Kevin Parekh, Co-Founder of Sattvaponics, said, “We aim to cross 300-400 acres of cultivation in next three years, producing multiple high-value crops round the year, which will benefit the consumers, industry as well as the farmers.”
Other agritech startups strengthening the Indian agricultural ecosystem include Gramco Infratech, Gobasco, Our Food, Agrostar, Kisan Hub, Intello Labs, and Aibono, among many others. Earlier this month, Agritech startup Origo Commodities raised ₹80 crores from Triodos Investment Management, others.