FarMart, a mobile-based, agritech platform, has raised INR 17.7 crore or USD 2.4 million in a pre-series A funding round led by Omidyar Network India and Avaana Capital. Existing investors Indian Angel Network and LetsVenture also participated.
The company will focus on product development, user base expansion and scaling its market linkage capabilities.
FarMart, founded by Alekh Sanghera and Mehtab Singh Hans, operates micro-SaaS led agritech platform. The platform helps agri-retailers serve farmers better by providing them with access to information, market linkages and input.
“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,” explained Co-founder and CEO, Alekh Sanghera.
“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,” said Mehtab Hans, the Co-founder of FarMart.
“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,” added Shruti Srivastava, Principal, Investments, Avaana Capital.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.