Bijak, a B2B platform for agricultural commodities, announced today that it has raised a USD 12 million (INR 91 crore) Series A round led by RTP Global. Existing investors Omnivore, Omidyar Network India, Sequoia Capital India’s Surge, and Better Capital also participated in the round.
Gurugram-based Bijak is a platform that gives agricultural commodity buyers and sellers better prices, increased working capital, and optimised logistics. Bijak brings accountability and transparency into the agricultural value chain through a buyer/seller rating system, and enables traders, wholesalers, and food processors to discover new and reliable trade partners.
Bijak was launched in April 2019 by Nukul Upadhye, Mahesh Jakhotia, Jitender Bedwal, Daya Rai and Nikhil Tripathi, and has been growing aggressively since then. In just one year, it has scaled to 22 states, 90 commodities, and USD 150 million in annualised GMV. Thousands of buyers and sellers across more than 500 locations use the Bijak platform to transact everyday. The company collaborates with all the existing players in the value chain including APMC traders, institutional buyers, and other agritech startups. Bijak previously raised a USD 2.5 million Seed round in December 2019 from Omnivore, Omidyar Network India, Surge, and Better Capital. They were part of the second cohort of Surge, Sequoia’s rapid scale-up program for startups in India and Southeast Asia.
Commenting on the Series A round, Nukul Upadhye, Co-Founder of Bijak, said, “We are thrilled to partner with RTP Global as we try to make agricultural markets more transparent. This funding would help us scale our technology team and roll-out new features. We are also thankful to all our existing investors for their continued support and conviction.”
Regarding their new investment, Galina Chifina, Partner at RTP Global, stated, “We have always been extremely excited to work with amazing founders and the Bijak team has a great combination of industry expertise and technology vision. This is the first deal we have committed from our new fund and it sets a high bar for our future investee companies. Thrilled to back one of the fastest growing B2B companies in India!”
Speaking about their continued investment in Bijak, Madhav Tandan, Director, Investments at Omidyar Network India said, “”We continue to be very excited about Bijak as they build a first-ofits- kind private online marketplace that can help market discovery, earn a fair price, create accountability and trust and provide services like credit and logistics to a market that is highly underserved. We believe this will eventually lead to greater benefits for the farmer. We’re also very impressed with the team’s deep understanding and experience of using technology to empower first-mile agri-ecosystem participants.”
Finally, Mark Kahn, Managing Partner at Omnivore, commented, “Bijak has blown away everyone’s expectations about how fast an agritech startup can grow in India. Omnivore looks forward to supporting Bijak as they scale pan-India while radically transforming agricultural commodity markets.”