Aquaconnect launches 3 centres in AP to offer aquafarming services

Aquaculture technology startup Aquaconnect on Thursday opened three more centres in Andhra Pradesh for offering various services including facilitating bank loans to fish and shrimp farmers.

Aquaculture technology startup Aquaconnect on Thursday opened three more centres in Andhra Pradesh for offering various services including facilitating bank loans to fish and shrimp farmers.      The three 'HUBS' were opened in Bapatla, Ongole, and Avanigadda coastal cities of Andhra Pradesh. With this, the company is operating a total of five HUBS in Andhra Pradesh and Tamil Nadu. HUBS are physical centres that offer services to promote sustainable aquafarming. Farmers can buy inputs and avail technology and market linkage support.

"We are experimenting service innovations with the aquaculture sector in India.  We have got good response in the first two HUBS, that is what has prompted us to launch more centres," Aquaconnect co-founder and CEO Rajamanohar Somasundaram said at the virtual launch of the HUBS. The company plans to open total 25 HUBS in Andhra Pradesh, Gujarat, Tamil Nadu, Odisha and West Bengal by the end of this fiscal and aims to engage more than 45,000 farmers, he said adding that fresh funds are being raised to aid this growth target.

According to Aquaconnect, the HUBS will also enable direct connection to banks for farmers to secure loans. "The banks and insurance firms are presently hesitant to lend aqua farmers due to lack of proper data to mitigate risks. We are going to provide that data and help secure loans to farmers. We have already partnered with three banks," Somasundaram added.

Agritech venture capital Omnivore Managing Partner Mark Kahn, Maritech CEO S Santhana Krishnan and Mayank Aquaculture Managing Director Manoj M Sharma were also present at the virtual launch. Chennai-based Aquaconnect, which has so far raised Rs 10 crore funds, is working with 18,000 aqua farmers in the country. It is a full-stack aquaculture technology venture that works with shrimp and fish aquaculture farmers to improve their farm productivity and market linkage through Artificial Intelligence and satellite remote sensing technology.     The startup is funded by Norway-based HATCH Fund and Indian agritech venture capital Omnivore.