Aagritech platform, FarMart, has raised INR 17.7 crores in a pre-series A funding round led by Omidyar Network India and Avaana Capital. The round also saw participation from existing investors Indian Angel Network and LetsVenture.
The company will use the freshly raised funds for product development, user base expansion, and scaling its market linkage capabilities.
FarMart, founded by Alekh Sanghera and Mehtab Singh Hans, runs India’s first micro-SaaS-led agritech platform. The platform encourages agri-retailers to serve farmers better by giving them access to information, market linkages, and input.
FarMart strives to make the entire value chain – from input to output – smooth and profitable. It does this by using technology, the trust of the agri-business communities, and optimizing under-utilized assets of the retailers.
Retailers can utilize the platform to digitize their workflow and expand their businesses by offering agri-marketing to farmers.
Within just 9 months of launch, FarMart has onboarded 10,000 retailers and has access to 400,000+ farmers across 15 states in the country. End buyers also use the platform to procure the best product at the best price from farmers directly without including several intermediaries.
Alekh Sanghera, Co-founder and CEO of FarMart 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.”
Mehtab Hans, the Co-founder of FarMart said, “Over the last year we have made significant strides in developing our platform and growing our trust in the agribusiness community. Madhav Tandan and Shruti Srivastava have both been incredible thought partners to us in our journey and we are honored to strengthen and formalize our relationship with Omidyar Network India and Avaana Capital. With such valued partners at this early stage, we are well on our way to move the needle in Indian agriculture.”
“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. Alekh and Mehtab’s vision of solving for the needs of this massive and underserved market comprising ~1M merchants and ~140M farmers, resonates strongly with our investment thesis for the Next Half Billion and we’re excited to partner with them “, said Madhav Tandan, Director, Omidyar Network India.
Commenting on the development, Shruti Srivastava, Principal, Investments, Avaana Capital said, “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 as well as deliver a positive impact to the supply chain for semi-perishable agri produce.”
FarMart has built a great micro-SaaS platform for food distribution and is empowering several people in the entire value chain. The startup seems to have huge growth prospects in the time to come.Shishir Gupta, Founder and CEO, StartupLanes
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