Agritech startup EF Polymer on Friday said it raised ¥40 million (Rs 2.7 crore) in a seed funding round from Japan-based venture capital investors MTG Ventures, Inc, Yosemite LLC, Beyond Next Ventures Inc, and angel investor Tatsuya Suzuki.
Narayan Lal Gurjar, Founder and CEO of EF Polymer, said that the fund will help to expand its business and enhance its technological capabilities.
“We would like to utilise this fund to first increase our production capacity and employment, as well as to expand our sales channels. We are committed to promoting organic farming and the circular economy. With our technology, we believe we can make significant contributions to achieving the SDGs by making our products more widely available,” Narayan added.
The Rajasthan-based startup aims to sustainably address farming-related issues such as water scarcity, soil pollution, and extensive use of chemical fertilizers. Its flagship product Faisal Amrit is a fully biodegradable and natural water retention polymer that fosters low water agriculture.
“Soon, we believe that our innovative solutions will bring hope to farmers who are leaving the agriculture sectors due to insufficient water, high chemical fertilizer requirements, and other problems. By using our products, they will be able to get more yield and more income while reducing the agricultural inputs,” said Puran Singh Rajput, Co-founder of EF Polymer.
Operating in Japan and India, EF Polymer Private Limited is a subsidiary company of EF Polymer KK, its holding company and the Japanese entity, which focuses on research and development, and collaborative projects for organic farming while the former takes care of manufacturing, sales, and marketing.
In 2019, the startup was selected for a one-year residency incubation programme by the Japanese government at the Okinawa Institute of Science and Technology (OIST). The programme included funding of 10 million Yen, along with access to market, mentorship, clients, training, and a connection with other investors.