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.”