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Business News Technology
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86

Diving Deeper: Indian Seafood Tech Startup Makes Waves with $4 Million Funding

Chennai-based Aquaconnect, a full-stack aquaculture startup, has raised $4 million in a pre-series B funding round led by S2G Ventures. The startup aims to transform the Indian aquaculture landscape by linking fish farmers to supplies and markets. Aquaconnect will use the fresh funding to ramp up its operations, expand its footprint, shore up its tech stack, diversify its product portfolio, and double its network of partners in the next six months. The investment from S2G Ventures comes at a critical juncture as Aquaconnect gears up for its next phase of growth to capture new opportunities. Aquaconnect’s founder and CEO, Rajamanohar Somasundaram, said, “The investment from S2G reinforces our mission of transforming the Indian aquaculture landscape. The funds come at a critical juncture as we gear up for our next phase of growth to capture new opportunities, with an intense focus on expanding our operations in major markets.” The startup claims to have scaled up its revenues by 4x in the last fiscal year and operates last-mile touchpoints, offering services such as disease diagnosis, feed recommendations, and market linkages. India’s aquaculture market is largely unorganized, and Aquaconnect aims to change that by providing a platform for fish farmers to access supplies and markets. The startup competes with the likes of AquaExchange, Captain Fresh, and Eruvaka. AquaExchange, another Indian aquaculture startup, recently secured $6 million in its Series A funding round led by Singapore-based Aqua-Spark. Aquaconnect’s latest funding round was backed by names such as AgFunder, Omnivore, Rebright Partners, Louis Dreyfus Company Ventures, and Suneight Investments. The startup plans to use the fresh capital to expand its operations across India and venture into new segments. Aquaconnect’s mission is to transform the Indian aquaculture landscape by providing fish farmers with the tools and resources they need to succeed. With the latest funding round, Aquaconnect is well-positioned to continue scaling its operations and expanding its footprint across India.

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News Technology
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96

Leveraging Frontier Technologies to Revolutionize India’s Fisheries Sector

In response to the surging demand for fish, an imperative driving force for the economy, NITI Aayog Vice Chairman Suman Bery emphasized the need for innovative strategies to enhance productivity. Speaking at a high-level national workshop jointly organized by NITI Aayog, the Central Marine Fisheries Research Institute (CMFRI), and the Kerala Fisheries Department in Kochi, Bery underscored the pivotal role of technology as a key driver for growth. Bery highlighted the potential of frontier technologies, specifically artificial intelligence, to address challenges in the marine fisheries sector. Recognizing the rising disparity between states, NITI Aayog Member Ramesh Chand expressed concern about the imbalanced growth in fisheries, citing Andhra Pradesh’s production as 50% higher than the combined total of Gujarat, Maharashtra, Kerala, Tamil Nadu, and Karnataka. He called for increased attention to address this disparity. Chand also noted that the demand for fish doubled in the past decade, ending in 2022, compared to the previous decade ending in 2012. Stressing the promising export share of fisheries in agriculture and food commodities, he proposed measures to boost seafood exports, including enhancing value addition and introducing cutting-edge processing innovations. Chand highlighted the potential for India to tap into unexplored value-addition opportunities in seafood by establishing state-of-the-art processing facilities, ultimately earning greater foreign exchange. The high-level national workshop, inaugurated by NITI Aayog Vice Chairman Suman Bery, saw the participation of key figures such as NITI Aayog Member Ramesh Chand, Indian Council of Agricultural Research (ICAR) Deputy Director General J K Jena, and Kerala’s Fisheries Principal Secretary K S Srinivas. The event brought together high-ranking officials from NITI Aayog, the Union Fisheries Ministry, and the fisheries departments of nine coastal states and one Union territory, collectively exploring ways to harness the immense potential of the fisheries sector in marine states.

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Aquaculture Fisheries News Shrimp
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Government of India Unveils Ambitious ₹576 Crore Plan to Establish Northern Shrimp Farming Hub

In a strategic move to boost aquaculture and create a thriving hub for shrimp farming, the Union government of India is set to launch a ₹576 crore plan across four northern states. The initiative aims to utilize non-arable land in Uttar Pradesh, Rajasthan, Haryana, and Punjab for shrimp farming, catering to both domestic consumption and export markets. This plan comes as India solidifies its position as the second-largest aquaculture shrimp producer globally, reaching 900,000 tonnes in 2022, trailing only behind Ecuador. Over the past year, officials and scientists from the Department of Fisheries and the Central Institute of Brackishwater Aquaculture have identified thousands of hectares of saline wasteland in 25 districts, where shrimp aquaculture could thrive. Surprisingly, the productivity of farmed crustaceans in Haryana matches the world average at approximately 6-7 tonnes per hectare, making it a potential major center for shrimp farming, breaking away from the traditional coastal dominance. India’s shrimp farming sector has received support from international organizations such as the World Bank, Food and Agriculture Organization, and the Asian Development Bank. With both houses of Parliament passing the Coastal Aquaculture Authority (Amendment) Bill 2023, the Indian seafood sector anticipates accelerated growth. Unlike traditional shrimp farming practices that are often associated with ecological concerns, the proposed hubs in northern states emphasize eco-friendly methods. Incorporating technologies like biofloc, the hubs will be developed exclusively on unproductive wasteland, mitigating environmental impacts. Sagar Mehra, Joint Secretary in the Fisheries Department, highlighted the eco-friendly approach, stating, “The difference with the shrimp hubs in these states will be that they will be eco-friendly, using technologies such as biofloc and will come up only on unproductive wasteland.” The initiative aims to generate 50,000 local jobs, ranging from direct employment to positions in ancillary warehousing and cold storages. A modern aqua park in Bhiwani, funded with ₹100 crore, will serve as a training center to further support the growth of the aquaculture sector. To address environmental concerns associated with shrimp farming, the hubs in northern India will adopt biofloc technology developed by the Central Institute of Brackishwater Aquaculture. This innovative approach treats excreta and other wastes on-site, converting them into feed for the crustaceans, thus minimizing the environmental impact. The Pradhan Mantri Mudra Yojana, with funding shared on a 60:40 basis between the Centre and states, aims to create aquaculture assets sufficient to generate 5.5 million livelihoods nationally by 2025. This micro-credit scheme will make funds available to new shrimp farmers, promoting sustainable growth in the sector. The chosen districts for the project include Rohtak, Fatehabad, and Gurugram in Haryana; Mathura, Agra, and Hathras in Uttar Pradesh; Fazilka, Muktsar, and Mansa in Punjab; and Ganganagar and Churu in Rajasthan. Experts emphasize the importance of comprehensive support throughout the project, ensuring successful implementation and market linkages to secure export avenues and competitive prices. Agreements with the Marine Products Export Development Authority are expected to facilitate exports, further enhancing the success of this ambitious venture.

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Focus Story Indian Cuisine Seafood Dishes
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95

Changing Consumption Patterns Threaten Shark and Ray Species in India: A Shift Beyond Traditional Communities

In a recent study conducted by researchers, it has been revealed that the consumption of shark and ray meat in India is no longer confined to tribal and coastal communities. Instead, the demand has expanded to include new demographics such as foreign tourists and the middle- and upper-class population. This shift in consumption patterns raises concerns about the sustainability of fishing practices and the potential threat to shark species in India, already the world’s third-largest exploiter of sharks and rays. The study, led by Divya Karnad from the Department of Environmental Studies at Ashoka University, identified 2,649 seafood restaurants across 10 coastal states and Union territories in India. Surprisingly, 292 of these establishments featured shark meat on their menus, indicating a growing market for elasmobranch meat. Goa emerged as a hotspot for shark and ray meat consumption, with 35.8% of its seafood restaurants offering these dishes. Tamil Nadu followed closely with 34.6%, and Maharashtra accounted for 4.6%. Together, Goa and Tamil Nadu represented a substantial 70% of all restaurants serving shark meat in India, totaling 251.6 tonnes of shark meat annually. This quantity is equivalent to approximately 83,866 sharks, each weighing around 3 kg, constituting 9.8% of India’s annual elasmobranch landings. Historically, shark and ray meat consumption was limited to coastal and tribal communities, but the study highlights a significant increase in demand since the 1960s and 1970s, both in South Asia and globally. The authors also noted a shift in preferences, with even deep-sea sharks now being consumed in India. The study emphasizes the threat posed by local consumption to over a third of shark and ray species globally, which are already facing extinction risks. While India has implemented some protective measures, such as banning live-finning and the export of fins, legal local meat consumption continues to drive fishing activities. Insights from Goa, where shark consumption is deeply rooted in tradition, reveal changing consumption patterns. Local Goans and foreign tourists, particularly from Russia, the United Kingdom, Germany, and Israel, are among the main consumers of shark meat. The authors stress that this trend jeopardizes not only small-bodied sharks but also juvenile individuals of large-bodied species, potentially impacting their reproductive cycles. To address this issue, the researchers propose various measures, including substituting other types of seafood, reducing bycatch, raising prices, and conducting seafood consumer awareness campaigns. Additionally, they suggest highlighting the health risks associated with consuming shark and ray meat, as these species often carry concentrations of heavy and toxic metals above permissible limits. The findings, published in the journal Conservation Science and Practice, underscore the need for urgent conservation efforts to mitigate the growing threat to shark and ray species in India.

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