SAN FRANCISCO, Aug. 27, 2024 – Echelon, decentralized lending protocol, has secured seed funding to advance DeFi lending on Move-based blockchains. The round was led by Amber Group, with participation from strategic partners including Laser Digital, Saison Capital, Selini Capital, Interop Ventures, and Re7. Echelon aims to offer high-performance markets integrated with other DeFi applications and real-world assets (RWAs).

The protocol’s innovative features include increased borrowing power on correlated assets, isolated pools for long-tail asset markets, direct in-wallet integration for simplified yield strategies, and future support for investing in and borrowing against illiquid RWAs.

Developed using the Move programming language, Echelon Protocol targets institutional-grade markets on Movement, Aptos, and other Move-based blockchains. It focuses on capital efficiency, affordable borrowing rates, and innovative yield opportunities for global users. The protocol has already gained significant traction with users, transactions, and substantial amounts supplied and borrowed.

Rushi Manche, Co-Founder of Movement Labs, also praised Echelon’s approach, stating, “Their focus on capital efficiency and user-friendly design positions them to become a leader in the next generation of DeFi protocols on the Movement Network.”

With this funding, Echelon plans to expand offerings by developing treasury and RWA-backed strategies, implement vaults for cross-chain deposits, and hire full-stack and smart contract engineers while expanding its marketing team.

Echelon’s protocol aims to maximize capital efficiency and provide affordable borrowing rates in the DeFi ecosystem. By leveraging advanced risk management techniques and integrating with various assets, it seeks to unlock new possibilities for yield generation and financial accessibility.

About Echelon:

Echelon is a high efficiency money market that facilitates the borrowing and lending of assets via non-custodial pools, enabling users to earn interest and increase buying power via leverage. Positions are overcollateralized to protect lenders while offering the highest capital efficiency for borrowers. The protocol is complete with isolated pools for long tail assets and one click strategies for leverage staking and RWA backed vaults such as leveraged treasuries.

About Movement Labs: 

Movement Labs is the innovative force behind the Movement Network, an ecosystem of Next-Gen, Modular Move-Based Blockchains that enables developers to build secure, performant, and interoperable blockchain applications, bridging the gap between Move and EVM ecosystems.

About Aptos:

Aptos is a Layer 1 Proof-of-Stake blockchain that employs Move, a Rust-based programming language for writing smart contracts, initially developed in Meta’s Deim project. Aptos’s vision is a blockchain that brings mainstream adoption to web3 and empowers an ecosystem of performant applications.

• Agrizy is India’s leading B2B agri-processing platform, driving supply chain efficiency and MSME profitability.
• Since 2021, Agrizy has served over 100 institutional clients across domestic and international markets, including Europe, North America, and Asia. The platform has processed more than 100,000 MT of agrifood products, revolutionizing the industry for MSME processors and brands.

Agri-processing platform Agrizy announced today that it has raised USD 9.8 million (INR 82 crores) in Series A funding. The round was co-led by Accion and Omnivore, with participation from Capria Ventures, Thai Wah Ventures, and existing investor Ankur Capital.

India’s $400 billion agri-processing market, though growing 9% annually, faces a bottleneck: only 10% of farm produce gets processed today. This pales in comparison to global leaders like China (40%) and developed nations (~70%). India has more than 2 million food processing MSMEs, which operate significantly under capacity and struggle to find B2B customers, especially in export markets. 

Agrizy is helping to solve these challenges, providing MSMEs with a fully managed B2B marketplace for agrifood supply chains and processing. The platform connects every stakeholder in the agrifood processing ecosystem to optimally discover and fulfill transactions. The startup works closely with agrifood processing MSMEs, offering them a suite of digital services to generate additional long-term revenues and improve their operating margins, while streamlining their procurement and sales cycles. 

Agrizy was co-founded in 2021 by Vicky Dodani and Saket Chirania, who previously worked in senior roles with leading Indian startups including Blackbuck, Bizongo, and Zoomcar. With the new funding, Agrizy aims to expand into new product areas and geographies; launch CDMO and value-added advisory services; and offer financial services to MSME processors and farmer-producer organizations (FPOs).  

Vicky Dodani, Co-founder and CEO at Agrizy, said, “Agrizy aims to transform India into a global food processing hub by helping FPOs and MSME agri-processors access export markets and comply with global quality standards, while offering these underserved stakeholders working capital from formal financial institutions. The current investment will empower Agrizy to actively drive these crucial initiatives in both local and global markets.”

John Fischer, Chief Investment Officer at Accion, said: “Agrizy is seeking to reshape traditional agri-processing by providing a robust marketplace and support to improve production. The company aims to also address the lack of quality financing for small processors and the Farmer Producer Organizations that supply them, helping to increase incomes in rural communities. Through our partnership with Agrizy, we will leverage Accion’s global expertise to help the company grow, connecting many processors and smallholder farmers to responsible financial services and formal markets for the first time.”

Mark Kahn, Managing Partner at Omnivore, stated, “We are proud of our partnership with Agrizy and their vision of upgrading the Indian agri-processing sector. The company’s foray into contract manufacturing is critical for streamlining intricate, export-oriented supply chains. By prioritizing innovation and sustainability, Agrizy is positioning India’s food processing industry to meet evolving global market needs.

About Agrizy

Agrizy is India’s fastest-growing B2B agri-processing platform, driving supply chain efficiency and MSME profitability.

About Accion 

Accion is a global nonprofit on a mission to create a fair and inclusive economy for the nearly two billion people who are failed by the global financial system. We develop and scale responsible digital financial solutions for small business owners, smallholder farmers, and women, so they can make informed decisions and improve their lives. Through targeted investment strategies, advisory solutions, and expert thought leadership, we work with local partners to develop and scale cheaper, more accessible, and customer-friendly financial solutions. Since 1961, Accion has helped build 267 financial service providers serving low-income clients in 75 countries, reaching 440 million people.

Celebal Technologies, a leading IT services provider backed by Norwest Venture Partners, has announced that it has raised debt from alternative credit platform BlackSoil. The amount of the same remains undisclosed. 

This latest capital infusion will be used for working capital and general corporate purposes. It will enable Celebal Technologies to serve its 200+ client base better and deepen its market penetration worldwide.

In 2022, Celebal Technologies raised $32M in its first institutional fundraising from marque investor Norwest Venture Partners – a global venture and growth equity investment firm, managing $15+ Bn in capital as on date.

Headquartered in Jaipur and co-founded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specialises in Data Science, AI, and Enterprise Cloud Solutions. The Company has become a dominant force in the IT sector, assisting its extensive clientele with improving business efficiencies and providing tailored solutions primarily in data engineering, cloud innovation, supply chain analytics, and AI-driven chatbots.

Commenting on the same, Ankur Bansal, Co-Founder and Director of BlackSoil, said, “As a forward-thinking enterprise poised for significant growth, Celebal Technologies is uniquely positioned to lead in the AI sector globally. With their strategic partnership with industry giants Microsoft and & Databricks, they are set to revolutionise the market with cutting-edge solutions. Starting in a Tier II city, the journey of Celebal Technologies is a beacon of inspiration. We are thrilled to support their global expansion ambition and are confident in their potential for long-term success.”

Celebal Technologies has demonstrated exceptional growth, achieving an annual growth rate (CAGR) of approximately 105% from FY21 to FY24. During this period, the number of employees grew from 300+ to 2,300+. This extraordinary growth course is bolstered by strategic partnerships with industry giants such as Microsoft and Databricks, fuelling Celebal Technologies’ drive to innovate and expand its client base effectively.

Hemant Mathur, CFO Celebal Technologies said, “This debt financing from BlackSoil is tailored to our unique needs. Providing us flexibility to seize market growth opportunities while limiting short-term volatility in our cash flows without diluting equity or ownership control”.