APRIL. 16, 2021
EF Polymer raised ¥40 million in seed round
Puran Singh Rajput
EF Polymer Private Limited, an agri-startup from Rajasthan, India, has raised ¥40 million (Rs. 2.7 crores) in its seed round of funding from the Japanese based venture capital investors MTG Ventures, Inc., Yosemite LLC, Beyond Next Ventures Inc., and an angel investor Tatsuya Suzuki (Representative Director of giftee, Inc.). This was the first case of seed round given to a startup that was born from the OIST Startup Accelerator Program which started in 2018.
EF Polymer has developed an innovative product named Fasal Amrit which is said to be “Boon” for farmers struggling with water scarcity in agriculture.
EF Polymer currently operating in Japan and India where the Japanese entity EF Polymer K.K. is a holding company and mainly focusing on R&D and collaborative projects to promote organic farming while EF Polymer Private Limited is a subsidiary company of EF Polymer K.K. and primarily focusing on manufacturing, sales, and marketing.
Narayan Lal Gurjar, Founder and CEO of EF Polymer, said, "This funding will play an important role in expanding our business and enhancing our technological capabilities. We would like to utilize this funding to first increase our production capacity and employment as well as to expand our sales channels. We are committed to promoting organic farming and the circular economy. With our technology, we believe we can make significant contributions to achieving the SDGs by making our products more widely available.”
EF Polymer aims to provide sustainable agriculture inputs to the farmers struggling with various problems such as water scarcity, soil pollutions, and extensive chemical fertilizers.
“Soon, we believe that our innovative solutions will create additional hopes for farmers who are leaving the agriculture sectors due to insufficient water, high chemical fertilizer requirements, and other problems. By using our products, they will be able to get more yield and more income while reducing the agricultural inputs,” said Puran Singh Rajput, co-founder of EF Polymer.
On behalf of the four investors, Mr. Go Fujita, President, and CEO of MTG Ventures, Inc. commented on the investment, "EF Polymer is a young and talented management team from India. They started up with the aim of solving the water shortage for farmers in the drought-prone Indian state of Rajasthan, and have developed a 100% naturally-derived water-absorbing polymer. Together with OIST, we will support this start-up with high technology and high aspirations to realize a society with a circular economy. This is the second company in Okinawa that MTG Ventures has invested in, following Ryukyu Asteeda. MTG Ventures will continue its activities to support startups in Okinawa while continuing to pay close attention to startups from OIST.”
About EF Polymer
EF Polymer Private Limited, established in 2018, is developing sustainable agriculture inputs by utilizing organic waste to help the agriculture sector struggling with water and high chemical input requirements. At EF Polymer we are committed to helping the farming sector by offerings pollution-free solutions to solve the water scarcity problem. We also deal with other agriculture input products such as organic pesticides and liquid fertilizers to bring innovative, pollution-free, and cost-effective solutions for farmers struggling with chemical and high-cost products.
Started in Rajasthan, India with few friends, today we are also operating in Okinawa, Japan with more than 7 employees, and serving our customers around the globe. We also gradually expanding our capabilities to capture the more available markets in the agriculture sector and to bring more useful products to our bucket to help our users.
In recent, we collaborated with a few of the best organizations such as Orion Beers Ltd, Okinawa Institute of Science and Technology, Japan, Tata Trust to tackle global level challenges like Zero Waste, Increasing Rice Production, and helping farmers generate more income while using fewer inputs.
Our natural water retention polymer technology has been awarded as #1000 Most Efficient Solution by The Solar Foundation, awarded CarbonTech Award in Global Climate Launchpad 2019 in The Netherlands, and Honorable President of India Mr. Ram Nath Koavid also (GYTI )awarded the best solution developed by students for the agriculture sector in 2019.
EF Polymer has been also supported by College of Technology & Agriculture Engineering, Udaipur; Maharana Pratap University of Agriculture & Technology, Udaipur; National Institute of Agriculture Marketing, Jaipur; Social Alpha; Tata Trust; IIT Kanpur; CiniCell | India; Startup Oasis; Okinawa Insitute of Science and Technology, Japan; Global Climate Launchpad; Solar Impulse Foundation; etc.
About MTG Ventures:
A corporate venture capital (CVC) firm of MTG Corporation (Tokyo Stock Exchange Mothers) established in 2018. It invests in startups which realizes “VITAL LIFE”.
About Yosemite LLC:
An investment company established by Mr. Chikanobu Kenma, former Vice President of INSPiRE corporation. in 2019 that invests in seed and early-stage ventures in a non-fund manner, to collaborate with entrepreneurs of the businesses with primary focus on solving social issues.
About Beyond Next Ventures:
A venture capital firm that started out by supporting and investing in deep tech startups and university-launched ventures mainly in Japan and India. It now operates several programs including an acceleration program, an entrepreneurial human resource development program, and a shared lab.
About Angel Investor Tatsuya Suzuki:
CEO of giftee Inc. (Tokyo Stock Exchange, First Section). In 2008, he worked at Inspire, Inc. supporting new businesses of large corporations and ventures. In 2011, he was appointed to the board of WACUL Inc. He was appointed to the board of giftee in 2012 and became the president of the company in March 2020.