Agritech Startup FarMart Bags INR 24 Cr Financing To Optimise Supply Chain
SUMMARY
- The fresh proceeds will be utilised to further accelerate the startup’s efforts to optimise its existing supply chain
- Founded in 2015, FarMart helps 2,000+ food brands procure food commodities right from its network of more than 3 Mn farmers
- Backed by names such as General Catalyst, Matrix Partners, Omidyar Network and Avaana Capital, the startup has raised more than $44 Mn in funding till date
Agritech startup FarMart
has raised INR 24 Cr ($2.8 Mn) as part of a financing round from Swiss asset manager ResponsAbility Investments.
In a statement, the startup said that it will use the fresh proceeds to accelerate its efforts towards a carbon-efficient food supply chain. As part of the deal, FarMart will also leverage responsAbility’s expertise to optimise its existing supply chain.
“… Sustainability is at the core of our business, and responsAbility champions our goal with its strong orientation and expertise in sustainability. Their investment empowers us to accelerate our efforts towards a carbon-efficient food supply chain, and ultimately achieve our vision of a food-secure world,” said FarMart cofounder and CEO Alekh Sanghera.
Commenting on the announcement, head of sustainable food debt at responsAbility APAC Neha Baid added, “We are proud to drive reduction in food loss and waste in India through our partnership with FarMart, whose technological solutions are crucial for efficient supply chain and logistics… Through our financing and climate advisory expertise, we are scaling impact with FarMart”.
Founded in 2015 by Alekh Sanghera, Mehtab Singh Hans and Lokesh Singh, FarMart is an agritech startup that helps global food brands procure food commodities right from farmers. It leverages its network of 3 Mn farmers to help more than 2,000 food manufacturers across six countries to procure 90+ food commodities.
It also leverages AI to conduct quality checks and claims to emphasise traceability throughout the value chain. The B2B startup claims to cater to clients in Asia, the Middle East, and Africa.
Backed by names such as General Catalyst, Matrix Partners, Omidyar Network and Avaana Capital, the startup has raised more than $44 Mn in funding till date.
The fundraise comes at a time when the Indian agritech startup ecosystem continues to make rapid strides on the back of growing demand for such products and services. Bolstering agriculture seems to be the incorporation of AI and renewed push from the Centre as well as states for smart agricultural practices.
As a result, the market is growing but steadily and, alongside, a new crop of agritech players are also emerging that are disrupting the space. And investors are also lining up in droves to back these new-age tech companies.
Earlier this month, Info Edge increased its stake in agritech startup Gramophone to 39.5% with an additional investment of INR 15 Cr in the agritech startup. Prior to that, another player Niqo Robotics also marked the final close of its Series B funding round at $13 Mn.
Poshn has also secured $6 Mn, in a mix of equity and debt, as part of a Pre-Series A round co-led by Prime Venture Partners and Zephyr Peacock India.
As per Inc42, the Indian agritech space is projected to be a $25 Bn market opportunity by 2025.
ByInc42
