Digital Innovation Fund invests in agro-based fintech firm Agrithmics
The Digital Innovation Fund, managed by BOV Capital, has secured funding of Rs. 100 million in Agrithmics (Pvt.) Ltd., a Sri Lankan agri-tech, IoT cloud-based integrated process automation and fintech solutions company that digitally enables a variety of agriculture industries ranging from smallholder farms to their larger buyers, and plantation companies.
As an IoT-enabled agri-tech solution for smallholder farmers, factories, and regional plantation companies primarily operating in Sri Lanka’s tea industry, Agrithmics digitally integrates their procurement and payment disbursement operation whilst improving efficiency and transparency of the process. The platform also enables a quick and simple payment system as well as ease of use and access by farmers and workers. Currently, a smallholder tea farmer who is connected via the Agrithmics platform has quick access to payments instead of the extensive 30 to 40-day waiting period that was the norm previously.
Additionally, Agrithmics said its platform also adds significant value to B2B (business-to-business) agricultural industries such as tea factories and regional plantation companies, which benefit from its end-to-end process automation integration and produce procurement transparency. As of now, Agrithmics has been adopted by some of the biggest players in the tea industry, including three elite principal tea factory groups in Sri Lanka, with a base of approximately 40,000 active farmers and workers presently benefiting from the features of this novel platform.
“Our vision for Agrithmics is to positively contribute towards digitally enabling agriculture-based industries and its ecosystem. We are not just a tech solution; we see ourselves as an entity that can understand and improve the lifestyle of the farmer community and its business environment using digital technology. Although our primary focus will be the tea industry, our mission is to enable the service for all farmers across the country,” said Agrithmics Chief Executive Officer (CEO) Prashanth Premakumar.
Premakumar also revealed that Agrithmics has plans to soon grow beyond the tea sector, showing its potentially strong utility and value across a spectrum of crops.
Managed by BOV Capital, the Digital Innovation Fund looks to attract sector-agnostic digital start-ups that disrupt or transform industries or even create new sectors. The focus is on fields related to SAAS, big data, AI, IoT, fintech, health tech, last mile, etc.
“Post Covid, our investment thesis has not changed much, but we are now looking for start-ups with tailwind and strong founding teams who are able to pivot quickly. During these unprecedented times, we have been working closely with the companies, especially the ones that did not have enough cash runway to survive. We have been helping them to restructure and sustain,” said BOV Capital Co-Founder Prajeeth Balasubramaniam.