Agri-fintech startup Ayekart raises $5.5 million in funding round
An integrated tech platform in the food and agri value chain Ayekart has raised $5.5 million through an equity and debt funding round from corporate lending financial services company, Caspian Debt, and Siplya, a tech-enabled platform providing microfinancial dealers and distributors, farmer communities, millers, processors, distributors, and retailers.
According to the company’s statement, The fund will assist them in reaching out to more customers and moving them closer to their goal of enabling technology and credit access for 10 million traditional businesses over the next five years. The startups is also planning to enter the export market by the end of this year.
Commenting on the development, Debarshi Dutta, CEO & Co-founder, said, “Ayekart constantly thrives to enable the best of its services through finance, technology, and services for the betterment of FPOs, farmer communities, and traditional businesses. We will use the fund raised to strengthen our ecosystem to meet the necessities of small and traditional vendors, dealers/distributors, farmer communities, millers, processors, distributors and retailers.
He further added, “This will further boost disbursements, given the various opportunities that we have at present.” “We are very humble and thankful to our investors for their trust and are grateful to them for their unstinting backing during our growth phase.”
“We are delighted to support Ayekart in its growth journey of empowering small businesses in the agriculture value chain. Ayekart plays a significant role in providing new market avenues as well as payment assurance to the suppliers in the agribusiness ecosystem. Their platform provides strength to the local ecosystem players (processors, distributors, and retailers), helping them to grow the business without affecting their margins, thus creating a positive impact. “We look forward to continuing our participation along their journey,” Avishek Gupta, Managing Director & CEO of Caspian Debt, said while commenting on the investment.
The collaboration is a crucial step in assisting Ayekart in achieving its goal of meeting the needs of the sector. In the last 11 months, Ayekart has already completed a GTV worth INR 250 crore.
A Mumbai-based startup founded in December 2020, Ayekart strengthens traditional businesses and the agri-value chain through tech, finance, and supply chain management. The startup is India’s first intel platform digital platform strengthening tradition and the businesses and agricultural value chain technology, finance, technology and services.
AyeKart Fintech seems to be an intriguing startup with inspiring development on financial services platform. Best wishes for the new startup business venture. I know that the team worked incredibly hard on it.Shishir Gupta, Founder and CEO, StartupLanes
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