08th May 2024 – Agriculture technology startup Cornext has successfully raised $2.2 million (approximately INR 18.3 crore) in a seed funding round led by Omnivore. The Hyderabad-based company intends to utilize this fresh infusion of capital to scale up its annual silage production to 1 million metric tonnes by 2026. Additionally, the funding will be directed towards further investments in research and development, particularly in baling technology.
Established in 2015 by Madhav Kshatriya and Feroz Ahmed, Cornext specializes in agricultural technology solutions, focusing on dairy operations and logistics. The company offers feeding solutions tailored for dairy farmers and addresses the fodder deficit issue through its proprietary preservation method known as silage baling. Silage, a fermented grass or crop feed, is vital for animal nutrition during periods of limited fresh food availability.
Madhav Kshatriya, co-founder of Cornext, expressed the company’s ambition to become the leading provider of silage solutions. Cornext boasts a clientele that includes prominent names such as AMUL, SUMUL, BANAS, MILMA, and KMF, among others. The support from Omnivore is expected to further bolster Cornext’s mission to enhance smallholder incomes and improve cattle health.
Jinesh Shah, managing partner at Omnivore, highlighted Cornext’s pivotal role in addressing the persistent challenge of affordable cattle nutrition in Indian agriculture. The investment in Cornext reflects Omnivore’s commitment to driving positive change in the agritech sector.
This funding announcement comes amidst growing interest from investors in the broader agritech space, with startups like Ninjacart, Dehaat, and Cropin gaining prominence. The recent funding secured by agritech startup Poshn and strategic investments made by Ninjacart further underscore the sector’s potential for growth and innovation.
Conclusion
Cornext’s successful funding round signifies a significant step forward in its mission to revolutionize agricultural practices and improve livestock nutrition. With support from Omnivore and amidst a thriving agritech landscape, Cornext is poised to make a lasting impact on Indian agriculture.
Source:Link
