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Agri-tech startup Sattvaponics gets funding from IIM-A incubator, OmniActive’s Mariwala

techcircle.in 2018-10-11 16:35:09

Indian Institute of Management, Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE) and OmniActive Health Technologies founder Sanjaya Mariwala have co-invested an undisclosed amount in agri-tech startup Sattvaponics. This marks CIIE’s ninth investment in the agri-tech sector.

Sattvaponics aims at changing the medicinal food industry, which it says faces challenges like pesticides, low bioactive content, heavy-metal contamination, and inconsistency in output due to heavy reliance on weather, soil and traditional means of production. While a significant part of the natural-product value chain (ingredient manufacturers, formulators as well as consumer brands) is organised and regulated, the epicentre that is agriculture, from where the raw materials arrive, is largely unorganised. Sattvaponic addresses this with certain agriculture practices and optimised post-harvest processing techniques.

Sattvaponics provides clean growing conditions in a protected environment and uses biological control agents and optimised nutrition agents so that the plants grow to their genetic potential. This also reduces the risk of diseases and pest attacks, thereby eliminating the use of harmful chemical pesticides. Optimised and controlled post-harvest techniques ensure that the final agricultural products meet global quality norms, says the firm. 

Sattvaponics was founded by Kevin Parekh and Ashish Korde in 2017. Both co-founders are medicinal food professionals. Parekh has pursued his Master of Business Administration (MBA) from Institute of Rural Management, Anand, and has a master’s degree in medical biotechnology while Korde holds an MBA degree from the Indian School of Business and an engineering degree from BITS, Pilani (Birla Institute of Technology and Science). 

“We aim to cross 300-400 acres of cultivation in the next three years, producing multiple high-value crops round the year, which will benefit the consumers, industry as well as the farmers,” said Parekh.

“We have developed one product which is commercialised and are working on two new products for which we already have customer tie-ups. There are more products in the pipeline,” Parekh added.

Investor Sanjaya Mariwala, a veteran of the natural products industry, having more than thirty years of experience, acts as Sattvaponics’ mentor. Mariwala is also the founder and managing director of OmniActive Health Technologies, and has been the Ficci national chair for nutraceutical (medicinal food) task force. Ficci is Federation of Indian Chambers of Commerce and Industry.

The other investor CIIE has, in the past, made seed investments in agri-tech startups such as Agricx, Barrix, Sickle Innovations, Flybird Innovations, and Parvata Foods.