Food supply platform FarMart has raised $10 million in a funding round led by Matrix Partners India. Innoven Capital as well as existing investors Omidyar Network India, Avaana Capital, and 500 Startups also participated in the funding round.
Angel investors, such as Amit Lakhotia (founder, Park+), Jitendra Gupta (founder and CEO, Jupiter), KP Balaraj (ex-founder, WestBridge Capital and Sequoia Capital India), OfBusiness Founder’s Fund, Revant Bhate and Dhyanesh Shah (cofounders, Mosaic Wellness) also participated in the round.
The capital will be used to expand its distribution network across the country, scale product capabilities and grow the team. In June, the company had raised $2.4 million in a pre-Series A round.
“Our vision is to build an operating system for the agribusiness community in India, starting with agri-retailers who are at the core of our business,” said Alekh Sanghera, cofounder and chief executive at FarMart.
Founded in 2015 by Alekh Sanghera and Mehtab Singh, FarMart’s model is centred on agri-input retailers and solves key challenges faced by the retailer community. It provides a micro-SaaS platform that enables retailers to digitise their workflows, increase sales to farmers and conduct their existing business in a more efficient manner. It also helps retailers procure commodities from farmers and sell directly to large enterprises through the FarMart platform, opening up a completely new source of revenue for them.
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