Agritech Case Study Series: Aquaconnect
Product Name: FarmMOJO
Name of Organization: Aquaconnect
At the helm: Rajamanohar K S, CEO
Year of Incorporation: 2017
Core technology used: Machine learning
1. Tell us about your product/solution in brief.
Aquaculture in India has evolved as a viable commercial farming practice with an export value of 5 billion USD and annual growth rate of 10-15%. Aquaconnect is a full-stack Aquaculture technology venture that offers data-driven farm advisory solutions and market place solutions to Shrimp and Fish farmers. Our AI powered farm advisor tool FarmMOJO helps shrimp farmers to enhance the farm productivity and thus improves the farm income up to 5%.
FarmMOJO monitors the real-time production data gathered from the farms through the mobile application interface. Based on the pond level production data, our prediction model uses the deep learning algorithm to provide context sensitive suggestions and alerts to improve the water quality parameters, feed consumption pattern and health management. Thus it simplifies the farm operations for the farmer and improves the efficiency, predictability and transparency. Our Farm care ML algorithm analyses the performance of competitive farm care products (Feed, Probiotics , Minerals) based on their past performance and provides recommendation to the farmers.
FarmMojo is location-aware, context-aware which shall help us offer relevant products at the right intervention. FarmMojo also effectively connects them with up-streams (Processors, Certifying bodies) and down streams( Feed and healthcare producers) of the shrimp supply chain.
With FarmMOJO data intelligence, we aim to connect farmers with formal financial institutions to enable financial products and crop insurance. Processors and Certifying bodies could leverage our data intelligence for sustainable procurement with traceability information.
Here is a explainer video about our product – https://www.youtube.com/watch?v=gRiXS_80rQg
2. Mention the geographic area where your solution is implemented and give us details of the intervention.
Currently, FarmMOJO works with 3000 farmers in the major shrimp producing states like Andhra Pradesh, Gujarat and Tamilnadu. By the end of this year, we plan to expand our operations by adding 5800 ponds across India.
Our strategic partnership with Development agencies and the International sustainable trade entities exponentially expands our reach. Our proposed partnership with IDH- Farmers In Transition (FIT) in diseases management helps us to be the pioneer in prediction and disease control in Indian shrimp farms. This project will impact 350 hectares of aquaculture production in Tamilnadu and Andhra. Also, we entered an agreement with Solidaridad’s Sustainable Aquaculture Initiative in Orissa to provide data-driven shrimp farming advisory services to 2000 hectares.
We are named as Innovator by the ‘Indonesian Seafood Innovation Project’ in April 2019. SIP accelerator provides a great platform to expand our service offerings in Indonesia and South East Asian shrimp producing countries.
3. What was the objective of the project and how much of it was achieved?
We envisioned to provide full-stack technology products that offer data-driven farm advisory solutions and market place solutions to Global Shrimp and Fish farmers.
While we are focusing on offering solutions to Shrimp farmers at present, we shall soon expand our product capabilities to cater to other species( Fish, Crustacean and Molluscs)
Also we are slated to launch pilot programs for Indonesia farmers in July 2019. We plan to offer our products in Thailand, Vietnam, Ecuador by the first quarter of 2020.
4. Give details of the cost of your solution and scope of scalability
We generate revenues through the subscription plan from farmers for using FarmMOJO mobile app.
Subscribed farmers can use our tool to record data, get advices on farm operations and connectivity to market place. The basic subscription plan starts from INR 2000/Pond/Culture that provides automated advisory services over mobile app.
We also generate revenues through the market intelligence solutions provided to Feed producers, Farm equipment manufacturers and processors.
5. Are you looking for partners? Mention details of partnership.
We are keen to explore partnerships with NBFCs and Insurance providers to build customized financial and Insurance products for Aquaculture farmers.