FarMart has raised a $10M Series A round, six months after it raised its last round from Avaana Capital and Omidyar Network India. The round also provided an exit for FarMart’s early investors Indian Angel Network and LetsVenture.
The Series A round was led by new investor Matrix Partners India, with participation in the form of $2.5M of venture debt from Innoven Capital. Existing investors Avaana and Omidyar also supported FarMart in this round, taking the total primary equity infusion in the Company to $7.5M.
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.
FarMart has built a micro-SaaS tool to establish a large network of over 15,000 active agri-input retailers and over 1 million farmers and works with more than 100 institutional buyers including ITC, Olam, and Cargill.
The new funding will allow FarMart to expand its distribution network across the country, scale product capabilities, and grow the team. We are delighted to support Alekh, Mehtab and the entire FarMart team on their journey to become a market leader in the agri-tech space.