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Cornext provides $2.2 million in seed funding to support silage production and research and development

Agritech

Hyderabad-based agritech startup Cornext has raised $2.2 million (approximately INR 18.3 million) in a seed round of funding led by venture capital firm Omnivore. The investment will support Cornext’s ambitious goal to increase its annual silage production to 1 million metric tons by 2026 and strengthen its research and development efforts in baling technology.

Founded in 2015 by Madhav Kshatriya and Feroz Ahmed, Cornext is dedicated to improving operations and logistics in dairy farming. The company has developed innovative feeding solutions and a patented silage bale preservation technique to address the critical problem of fodder shortage in India.

Expressing his vision for the company, Madhav Kshatriya, Co-Founder of Cornext said, “Cornext aims to be the premier company for all things silage. Our institutional clientele includes AMUL, SUMUL, BANAS, MILMA, KMF and many other large dairies and cooperatives. We are thrilled to have the support of Omnivore and to have a positive impact on smallholder incomes and livestock health.”

Jinesh Shah, Managing Partner at Omnivore, highlighted the importance of Cornext’s mission in the agriculture sector: “Cornext addresses one of the most chronic issues facing Indian agriculture – affordable livestock nutrition. India’s milk production is one of the lowest in the world, mainly due to lack of fodder. Cornext is changing this story…”

The funding round comes at a time when India’s agritech sector is increasingly attracting investor attention. Prominent startups like Ninjacart, Dehaat and Cropin are emerging as key players in this space. Another startup, Poshn, recently secured $6 million in a mixed equity and debt funding round.

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Despite a decline in total sector funding in 2023, which saw $208 million across more than 28 deals from $817 million across more than 60 deals the previous year, the sector’s potential continues to grow. Industry experts attribute the slowdown to a wider reduction in funding levels, yet remain optimistic about the sector’s future.

India’s agriculture sector has seen significant growth, raising more than $2.4 billion in financing through 285 deals between 2014 and February 2024, according to Inc42. This reflects the growing recognition of the importance of technology in solving agricultural problems in India.

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