ORIGHT, a recently founded startup in Gurugram, India, has closed its $1 million seed funding round with Aeravti Ventures. The Loyal VC company previously invested $847,000 and had also joined in this funding round. FutureCap is to help ORIGHT take its platform to the next level, develop new product lines, and increase the benefits for farmers, processors, and distributors it collaborates with.
Technology and Challenges
Some of the IoT devices developed by ORIGHT target to track the quality of milk as it is being processed and even as it is being transported. These instruments record milk status in chillers, during transport in the vans, and at the time of packaging. The collected data is then forwarded to a blockchain network, thus making the data unchangeable and transparent. Customers get daily information on the quality of their milk can be easily trusted through the product.
The quality issues are other problems affecting the dairy industry such as adulteration in the food products that dominate the industry’s production process. Nonetheless, the problems stated above are solved by the fact that through the availability of ORIGHT’s technology stakeholders can get and analyze real-time information to go by. Through increasing transparency and traceability, ORIGHT contributes towards the improvement of the latter and the stabilization of the dairy supply chain.
Mission and Expansion Plans of ORIGHT
One of ORIGHT’s main goals focuses on enhancing the capacity of farmers and processors through equipping them with knowledge and resources required to help them. This is a useful tool that provides information on milk quality and performance of the supply chain for the startup to assist farmers in improving the results of their operations for enhanced profitability. As for processors, improved quality is maintained together with a decrease in the probability of adulteration.
With the new funding, ORIGHT was gearing up for an expansion of its platform and the introduction of new products. The company also has its vision to spread its operation to reach more farmers, processors, and distributors and have more influence in the dairies. Furthermore, ORIGHT will continue to enhance the technology used to increase its knowledge and understand better, the advancement in the field of milk traceability.
Aeravti Ventures, the lead investor
Aeravti Ventures who are the leading investors in this funding phase have a rich portfolio of funding advanced technological startups as well as agricultural-based ventures. Their stake in ORIGHT reflects the belief in the capabilities of the startup to revolutionize the dairy industry. This financial input for Aeravti Ventures will be vital for ORIGHT to achieve its growth and expansion initiatives.
High Potential for Growth
The dairy-tech industry has a high potential for growth due to the general public becoming more aware of where their food is coming from and the quality of the products that they are consuming. The global dairy market has been estimated by various sources, will be valued at $703.5 billion by the end of 2025. It is likely to achieve a CAGR of 5.5 % in the future. The advances in technologies and, for instance, the ORIGHT solution, define how the industry will look in the future.
Conclusion
The successful seed funding round signifies a crucial step in ORIGHT’s evolution toward disrupting the dairy industry. New investors Aeravti Ventures and others help the startup to advance its capabilities and capacities and increase its offerings targeting various stakeholders in the dairy value chain. With new strategies and formats, ORIGHT will inevitably take on a significant role in determining transparency, quality, and sustainability in the dairy sector.
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