BANGALORE, November 2nd, 2017 – Matrix Partners India announced today that it has invested an undisclosed amount in Gobasco, an agri-tech startup. The funds will be used by the startup to expand the team and scale their technology platform built for agri-related SME’s and farmers.
Gobasco was founded in 2017 to solve complex supply chain optimization problems in agri-commodities. Both co-founders, Vedant Katiyar and Abhishek Sharma have deep personal connections with the agricultural landscape. Vedant is an alumnus of BITS Pilani and FMS Delhi and his family runs cold storages in Uttar Pradesh. Abhishek Sharma used to be an AI researcher at Apple, has family members involved in farming, is an alumnus of IIT Roorkee and is a PhD in AI from the University of Maryland.
Commenting on the fundraise, Abhishek Sharma, Co-Founder, Gobasco said, "Our goal is to bring the power of AI and big data to optimize the agri-supply-chain of India which directly translates into the betterment of millions of Indians. I am personally thrilled at the rate and scale at which we are bringing the benefits of cutting-edge technologies to the rural backyard of the world."
“SMEs in India are adopting technology at a rapid pace, thus opening up opportunities in large, underserved markets like agriculture. Gobasco’s approach provides farmers and agri-SME’s with a data-rich technology platform and network to grow their profits, thereby creating new opportunities in rural commerce. The team is growing fast, is highly mission driven and it is our privilege to partner with Vedant and Abhishek on this journey.” saidRajinder Balaraman, Vice President, Matrix India.
About Gobasco Pvt. Ltd.
Gobasco is a young fast-growing agri-tech company that is looking to disrupt the $360 B Indian Agri-Supply chain market through AI. Co-founded by an ex-Apple AI researcher in 2017, Gobasco combines large-scale data integration with proprietary technology to bring efficiency and transparency to commodity supply from farm to fork. Gobasco’s mission is to build a full-stack commerce platform that yields greater operational efficiency, improves realisations for farmers, reduces wastage and enhances price & market discovery for agri-commodities. Within 3 months of full-scale operations, Gobasco has transacted with 500+ farmers and buyers across 15 locations, both nationally and internationally. Gobasco is currently operational out of NCR & Lucknow. More information about Gobasco can be found at www.Gobasco.com
About Matrix Partners India
Matrix Partners India is an investment firm with INR 4,500 crore under management. The firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix Partners India has invested in several market leading companies such as Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Mswipe (mobile POS), Five Star Finance (SME lending), Razorpay (payments), OfBusiness (credit led B2B marketplace) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $4 billion under management. Further information is available at www.matrixpartners.in