India's EM3 AgriServices gets $10m Series B

UK-based Global Innovation Fund (GIF) and existing backer Aspada Investment contributed to the round. The capital will be used to develop new technology and support in-country expansion, especially in India's western state of Rajasthan. It is said to be GIF's first investment in the country.

"We were impressed by the potential of EM3's pioneering approach towards solving one of Indian agriculture's most fundamental challenges," Alix Peterson Zwane, CEO of GIF, said in a statement. "As they embark on their next phase of growth, we look forward to EM3 continuing to be a market leader in a rapidly growing market in a sector critical to India and its millions of small-hold farmers."

EM3 claims to be India's first provider of farm services on pay-per-use basis. It focuses on introducing mechanization to small-hold farms that rely on manual labor, with services covering land development, seeding, sowing, harvesting and post-harvest field management.

The company has serviced more than 8,000 farms through 10 farm service centers since its inception in 2014. Aspada, a local investor backed by the Soros Economic Development Fund, backed a $3.3 million round in 2015.

GIF was created by USAID, UKAID, Omidyar Network and the governments of Australia and Sweden. The fund provides risk capital for social programs through grants, loans and equity investments of up to GBP10 million ($13 million).

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• Topics
• South Asia
• Industrials
• Support services
• Early-stage
• India
• Aspada Investments
• Agriculture
• Growth capital