Ayekart, an integrated technology platform in the food and agriculture value chain, has raised $5.5 million in an equity and debt fund round from Caspian Debt, a corporate loan financial services company, and Siply, a technology-enabled platform providing microfinance services to underserved Indians and HNIs.
According to a company statement, the fund will be used to serve the growing business needs of traditional businesses in the food and agriculture sector by providing financial and technological assistance to enhance their business and enhance growth.
Founded in December 2020, Ayekart empowers traditional businesses and the agri-value chain through finance, technology and supply chain management. The company started its commercial rollout in September 2021 and achieved a gross transaction value (GTV) of INR 139.5 crore in FY21-22, with PAT being positive. In the same month, Ayekart raised the angel round by approx.INR 5.5 crore.
Debarshi Dutta, Co-Founder and CEO of Ayekart, said, “Ayekart continues to thrive to enable the best of its services through finance, technology and services for the betterment of FPOs, farming communities and traditional businesses. We will use the raised fund to strengthen our ecosystem to meet the needs of small and traditional sellers, dealers/distributors, farming communities, millers, processors, distributors and retailers. This will further increase the payouts given the various opportunities we currently have. We are very humbled and grateful to our investors for their trust and are grateful for their unwavering support during our growth phase.”
Avishek Gupta, Managing Director and CEO of Caspian Debt, said, “We are delighted to support Ayekart on its growth journey of empowering small businesses in the agricultural value chain. Ayekart plays a significant role in providing new market avenues as well as facilitating payments to suppliers in the agriculture ecosystem. Their platform empowers players in the local ecosystem (processors, distributors and retailers) and helps them grow their business without impacting their margins, resulting in a positive impact. We look forward to continuing our involvement in their journey.”
The partnership is a permanent step to help Ayekart achieve its goal of addressing the needs of the sector. Ayekart has already achieved a GTV of INR 250 million in the last 11 months.