Global Innovation Fund and Aspada invest $10 million Series B round in EM3

EM3 AgriServices, India's leading private sector farm mechanisation services company, has raised a $10 million (Rs 64 crore approx.) Series B round from London-based Global Innovation Fund (GIF) and existing investor Aspada. The company had earlier raised a $3.3 million Series A from Aspada in June 2015.

EM3 AgriServices is India's first provider of farm services for the entire cultivation cycle, on a pay-per-use basis. With two-thirds of India's farms smaller than a hectare, most of India's small-hold farmers rely on manual labour as they cannot afford capital equipment such as advanced farm implements, tractors and harvesters. EM3 solves this problem by offering an entire range of interventions from soil preparation to harvesting, where farmers pay a service fee calculated on a per hour or per acre basis. These services often are cheaper than hiring manual labour, with service levels guaranteed by the company.