Farmart AgriTech Startup Logo

Mobile-based agritech platform FarMart has raised $10 million funding led by Matrix Partners India, with participation from Innoven Capital and existing investors — Omidyar Network India, Avaana Capital, and other 500 Startups.

A clutch of Angel investors including Amit Lakhotia (Founder, Park+), Jitendra Gupta (Founder and CEO, Jupiter), KP Balaraj (Ex-founder, WestBridge Capital and Sequoia Capital India), OfBusiness Founders Fund, Revant Bhate and Dhyanesh Shah (Co-founders, Mosiac Wellness) among other marquee angel investors also participated in the funding round.

With the raised funds the start-up plans to expand its user base, product development and it also looks forward to scaling up its market linkage capabilities. FarMart’s fundraise came after it raised $2.4 million pre-Series A funding in June 2021.

Founded in 2015 by childhood friend’s Alekh Sanghera and Mehtab Singh Hans. The platform provides access to information, market linkages and input to help agri-retailers serve farmers better through its software platform.

The company’s model focuses on agri-input retailers and solves major challenges faced by the retailer community. FarMart provides a micro-SaaS platform that enables retailers
to digitise their workflow, increase sales to farmers and run their existing business more efficiently.

Alekh Sanghera, Co-founder at FarMart said, “This fundraise is a true reflection of the vision we have at FarMart, which is to build an operating system for the agribusiness community in India, starting with agri-retailers who are at the core of our business. Our remarkable growth over the past few months is testament to our thesis of building a product-first and an asset-light business, driven by our amazing team.”

Sudipto Sannigrahi, Vice President, Matrix India said, “We are big believers of Alekh and Mehtab’s vision of creating a capital-efficient and seamless food distribution network for the agri-retailer and farmer community. FarMart’s tech-led scalable model makes them well-positioned to disrupt the $300 billion+ Agriculture market and their extremely strong growth over the last six months is a testament to their model and execution. We’re excited to be a part of this disruptive journey with the FarMart team!”

Mehtab Singh Hans, Co-founder, FarMart said, “Riding on the wave of liberalization of agri-markets, we are uniquely positioned to build a deep and liquid delivery-spot market for agri-commodities. Farmers across the country would have direct access to formal markets, selling any type of commodity within a vicinity of 5-7 km from their farms.”

Online Team AsiaTech
Online Team Asia Tech is a team of Journalists, Entrepreneurs, and Enthusiast Writers who contribute to the platform by bringing everyday stories, updates, opinions and insights from the Asian Startup Ecosystem.

More in AgriTech

You may also like