Onato is a Bengaluru-based B2B online platform for fresh produce that has raised $2.2 million in seed funding. The round was led by Vertex Ventures Southeast Asia & India - an affiliate of Singaporean sovereign fund Temasek - with participation from local agrifood tech VC firm Omnivore. The startup said it will use the funding to grow its team and scale up its operations.
Onato was launched in February this year by Vedant Katiyar and Ashish Jindal. The pair has stated that India’s fresh fruit and vegetable industry is worth over $100 billion per annum, but it is plagued with inefficiencies - from unreliable payments and arbitrary pricing, to lack of access to financing and other resources - which mean that the market, and its stakeholders, are losing out.
Onato aims to solve these problems using data and technology to enable price transparency and enhance fulfillment. The platform seeks to link suppliers and buyers of fresh produce across India, opening up more buy and sell opportunities for players on both sides of the transaction while also facilitating more timely payments.