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. We feel that the team’s experience in cross-border trade and their ability to build technology products holds them in good stead to create significant impact in this industry,” said Kshitij Golwalkar, general partner at Powerhouse Ventures.
“While we are enamoured by the opportunity, as the market size is obviously large and there is no company effectively leveraging technology yet, our commitment to Hectar was primarily driven by the passion and execution demonstrated by the founding team. We believe there’s a definitive founder-market fit here,” Rohit Krishna, general partner at WEH Ventures, added.
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Hectar Global, which has offices in Chennai, Singapore, Dubai, Bangladesh and Sri Lanka, has shipped over 50,000 metric tonnes of agri-commodities to Asia, the Middle East and Africa.
