Aquaconnect has announced its strategic expansion into West Bengal and Uttar Pradesh, a strategic move to tap into the untapped potential in the domestic seafood market as part of its plan to strengthen its national presence.
With this, the full-stack aquaculture platform with embedded fintech takes another step in its financial growth journey. This move aligns with the company's recent expansion of its AquaPartner network by 4X in the last 15 months.
AquaPartners are rural entrepreneurs who provide last-mile assistance to farmers, including aquaculture advice and access to feed and other industry inputs. According to company data, one AquaPartner can assist around 100 aquaculture farmers, underscoring the company's remarkable success.
The objective of this new plan is to bolster its presence in six major aquaculture-producing states, including Andhra Pradesh, Tamil Nadu, Odisha, and Gujarat, with the specific goal of tripling its AquaPartners network by the end of this year. This development not only marks a significant milestone for Aquaconnect but also enhances India's standing as an exporter of seafood.
"West Bengal is the second-largest fish-producing state, contributing approximately 14% to India's total production and Uttar Pradesh follows closely as the third-largest with a 7% contribution. Despite India being a leading seafood exporter, the domestic market is ripe for disruption," said Karthivela Selvaraj, the COO. "Expanding into these states is a strategic move to address this untapped potential. It aligns with our vision of establishing the largest aquaculture platform through our robust phygital distribution network."
Furthermore, Aquaconnect aims to enhance transparency in the aquaculture value chain and facilitate market access for industry stakeholders. Therefore, this expansion contributes to creating a more interconnected and efficient ecosystem, promoting sustainability, and fostering the continuous growth of aquaculture in India.
"Combining satellite remote sensing technologies with AI and amplifying our AquaPartners network, we are committed to bringing transparency in the aquaculture value chain and enabling market linkage between stakeholders. By pioneering this transformative approach in these states, we are making a significant stride toward creating a more interconnected and streamlined ecosystem. We aim to promote sustainability and catalyze progress, gradually contributing to the broader growth of aquaculture in India," Selvaraj added.
Aquaconnect is a full-stack technology platform with integrated financial technology that uses satellite remote sensing and artificial intelligence. Thanks to this technology aquaculture farmers and stakeholders access credit, inputs, and markets. Furthermore, It's won many awards and was the first Indian aquaculture firm to get ISO 27001 certification for security. Its high-tech solutions enhance the aquaculture value chain for efficiency and transparency. Aquaconnect was born by Omnivore, HATCH-Norway, Flourish Ventures, AgFunder, Lok Capital, LDC. (Louis Dreyfus Company), Suneight, Rebright Partners, and 6G Capital.
