Gurugram: A mobile-based agritech startup FarMart has announced it has recently raised $2.4 billion that is around 17.7 crores in its pre-Series A funding round. The funding was led by Omidyar Network India and Avaana Capital.
The existing investors involved Indian Angel Network and LetsVenture also participated in this round.
Founded in 2016 by Alekh Sanghera and Mehtab Singh Hans. It helps agriculture retailers serve farmers Better by offering them access to write information, market linkages, chain, and input for better business and sales.
The company aims to make the entire value change from input to output a seamless streamline and remunerative business to flow. It is fulfilling its mission by leveraging technology and the trust of the agricultural business communities to optimize the underutilized acids of these retailers.
Meanwhile, the co-founder Alekh commented on the latest development and said- “Through our product-first approach, we have been able to create a scalable, trust-based distribution network that helps us gain access to farmers at the first mile. With this funding round, we seek to further our mission to become the largest online platform connecting food businesses with over 10 million farmers through our nationwide retailer network by 2025.”
On the other hand one of the investors commented- “With its innovative tech-led, merchant-centric, and distribution-first model, FarMart has set out on a journey to create an Agri platform that helps increase value realization and income for farmers. They enable better access to markets, aggregate produce using existing infrastructure, and are using data at the core of their decision-making.”
Lastly, Avaana Capital stated- “Alekh and Mehtab have created a business model that encapsulates our view on how technology can connect various stakeholders to improve realizations for farmers and offerings for buyers, while also building a scalable, defensible, and profitable business model. We are encouraged by the traction of their micro-entrepreneur-led market linkage platform and are confident in the team’s ability and knowledge to take this business to great heights.”
Since its launch 9 months ago, the platform claims to have onboard 10,000 retailers and has access to 400,000+ farmers across 15 major cities in the nation. Hence, it is planning to grow and expand further in the future.