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Leads Connect, a full-stack agritech startup, has raised Rs 500 crore ($60.2 million) from FMCG company BL Agro Industries Ltd.

The funding will be invested over a period of three years, leading to a controlling stake by BL Agro.

According to a company statement, the funding will be utilised by Leads Connect towards technology advancement, increasing reach among farmers, FPO and co-operatives. The investment will also be used towards expanding the beneficiary farmer base through the establishment of AGRANI Centres in various cities, running awareness generation campaigns, mergers and acquisitions, contract farming, and investment in research for deeptech and AI/ML in agriculture, as well as to improve quality procurement and supply chain cycle for BL Agro.

The Agrani platform operates in the space tech arena. It is an AI-based multi-event real-time analytics omnichannel platform for delivering end-to-end precise, hyperlocal, context, and user-driven agri-fintech services.

Started in 2009 by Navneet Ravikar, Leads Connect provides a range of products and services to the agriculture industry. Their mission is to connect and empower farm value chains to enable a sustainable, scalable, and profitable agri-business ecosystem.

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“Our partnership with BL Agro will help us to expand agritech and agri-fintech in the country and bring in more value to Indian farmers,” stated Navneet Ravikar, Chairman and Managing Director, Leads Connect Services.

“Over the next three years, we would be investing Rs 500 crore leading to a controlling stake in Leads Connect. The synergies of BL Agro and Leads Connect will help Indian farmers get more value by improving market linkages. We hope that this association will help farmers get closer to the consumers with better supply chain management,” added Ashish Khandelwal, Managing Director, BL Agro.

Recently, Leads Connect entered into a strategic partnership with the State Bank of India as their Corporate Business Associate with an aim to empower farmers, double their incomes, and support a climate-resilient agro ecosystem with vital financial services.