Hectar Global raises $2.1 million in seed funding led by Powerhouse Ventures

economictimes.indiatimes.com:

Hectar Global has raised $2.1 million in a seed funding round led by Powerhouse Ventures. The round also saw participation from WEH ventures, All In Capital, Indian Silicon Valley, and angel investors Anant Sarda and Adhish Ladha, the company said in a statement Wednesday. The Chennai-based business-to-business cross-border agri-commodity procurement platform was founded by National University of Singapore alumni Srinath Srinivasan, Sibhi Kumaran and Aswath Balaji.

It helps food buyers worldwide to purchase container volumes of agri-commodities with e-commerce level convenience, the statement added. “We have maintained a strong emphasis on operating profitably right from our inception. Our internal accruals have taken care of all operating expenses so far and we are primarily viewing this capital infusion, and future equity rounds, to rapidly expand into new geographies, and strengthening our digital infrastructure,” Srinath Srinivasan, CEO of Hectar Global, said.

Targeting the global agri-commodities trade of over $3 trillion annually, Hectar Global digitises cross-border supply chain processes using data models and machine learning algorithms to provide real-time market information and actionable insights. The service helps customers plan their purchases to maximize profits. “Trading in agri-commodities requires deep domain expertise, given the inherent complexities in product qualities, price fluctuations, documentation, and freight.