Eruvaka Technologies Company Profile

Background

Overview

Eruvaka Technologies, founded in 2012 and headquartered in Vijayawada, Andhra Pradesh, India, specializes in developing advanced on-farm diagnostic equipment for the aquaculture industry. The company's mission is to transform aquaculture practices and improve farm efficiency through innovative, robust, and customer-centric products and services. Its vision is to be the trusted partner for making global aquaculture smart, scalable, and sustainable.

Core Values

Innovation: Commitment to bringing pragmatic innovations to aquaculture.

Customer Excellence: Aligning actions towards the benefit of farmers, succeeding when they succeed.

Collaboration: Creating an open environment internally and externally to build long-term, mutually beneficial partnerships.

Integrity: Conducting operations ethically and fostering trust through credible products, services, and clear communication.

Key Strategic Focus

Eruvaka Technologies focuses on integrating sensors, mobile connectivity, and decision tools to provide affordable aquaculture monitoring and automation solutions. The company's products, such as PondMother and ShrimpTalk, utilize complex algorithms, IoT, and machine learning to precisely feed shrimp and monitor pond parameters 24/7. These systems aim to reduce farming risks, increase feed efficiency, and enhance farm profitability.

Financials and Funding

Funding History

Series A (2013): Secured initial venture capital funding from Omnivore, an agri-tech-focused early-stage VC fund.

Series B (2018): Raised $5 million from investors including Nutreco and Omnivore.

Acquisition

In August 2022, Nutreco, a Netherlands-based animal and fish feed producer, acquired a 93.7% stake in Eruvaka Technologies, marking a significant exit for Omnivore. The deal was valued between $40 million and $50 million, representing one of the largest recorded exits in Indian agritech.

Financial Performance

Eruvaka has been profitable since FY19, with revenue growing over 100% year-on-year since then.

Pipeline Development

Eruvaka's flagship products include:

PondMother: An intelligent shrimp feeder that dispenses feed based on shrimp appetite, monitored via a smartphone application.

ShrimpTalk: An underwater acoustic-based feeding system powered by AI, enabling on-demand feeding by analyzing shrimp feeding sounds.

These products are designed to enhance feed efficiency, monitor pond parameters, and reduce production costs, thereby increasing yield and promoting sustainable farming practices.

Technological Platform and Innovation

Proprietary Technologies

PondMother: Utilizes IoT and machine learning algorithms to automate and optimize shrimp feeding schedules.

ShrimpTalk: Employs underwater acoustic sensors to monitor shrimp feeding behavior, adjusting feed dispensation accordingly.

Scientific Methodologies

Eruvaka integrates real-time monitoring systems with intelligent control of aerators and feeders, collecting data on pond conditions to provide actionable insights for farmers.

Leadership Team

Kunal Choudhary: Board Member & Chief Executive Officer

Kranthi Bandaru: Chief Operating Officer

Sumanth Kavuri: Chief Technology Officer

Srilakshmi Kodali: Chief Information Officer

Prasanth Pallath: Finance Manager

Leadership Changes

In August 2022, following Nutreco's acquisition of a majority stake in Eruvaka Technologies, the leadership structure was aligned to integrate with Nutreco's strategic objectives. Specific details regarding changes in leadership roles post-acquisition have not been publicly disclosed.

Competitor Profile

Market Insights and Dynamics

The global aquaculture market is projected to grow at a CAGR of 7.7%, expected to reach USD 509,743.0 million by 2027. Aquaculture provides employment to more than 41 million people globally, with small-scale aquaculture making critical contributions to employment in both developed and developing countries.

Competitor Analysis

Eruvaka Technologies operates in a competitive landscape with several notable companies:

CropIn: A Bangalore-based company offering farm management solutions through data analytics and AI.

xpertSea: A Canadian company specializing in data-driven solutions for aquaculture, focusing on inventory management and growth monitoring.

ScaleAQ: A Norwegian company providing technology and infrastructure solutions for aquaculture, including feeding systems and environmental monitoring.

UMITRON: A Singapore-based company leveraging satellite technology and IoT to optimize aquaculture operations.

Strategic Collaborations and Partnerships

In 2018, Eruvaka partnered with Nutreco's aquaculture division, Skretting, to implement precision farming technology. This collaboration aimed to incorporate Eruvaka's solutions into Skretting's AquaSim app, enhancing shrimp farmers' productivity and reducing costs.

Operational Insights

Eruvaka's strategic considerations include:

Market Position: Leveraging innovative technologies to maintain a competitive edge in the aquaculture industry.

Competitive Advantages: Offering integrated solutions that combine hardware and software to provide comprehensive pond management.

Distinct Differentiators: Utilizing AI and IoT to deliver real-time monitoring and automation, reducing risks and increasing efficiency for aquaculture farmers.

Strategic Opportunities and Future Directions

Eruvaka aims to expand its product offerings to include devices for pisciculture and develop advisory services for farmers based on data generated by its existing products. Plans are also underway to launch an online marketplace connecting shrimp farmers to buyers, further enhancing the aquaculture ecosystem.