FarMart, a Gurugram based agritech startup, raised USD 2.4 Million in a pre-series A funding round on Thursday. This round was led by Omidyar Network India and Avaana Capital.
This round also saw the participation of existing investors like LetsVenture and the Indian Angel Network.
FarMart stated that it will use the fundraised amount into focusing on the expansion of the user base, expanding the linkage capabilities, and product development.
Words from the Investors –
Commenting on the investment done by Omidyar Network India, the Director of the company Madhav Tandan.
“With its innovative tech-led, merchant-centric, and distribution-first model, FarMart has set out on a journey to create an Agri platform that helps increase value realisation and income for farmers. They enable better access to markets, aggregate produce using existing infrastructure, and are using data at the core of their decision-making.”
Adding to the investors talk, Shruti Srivastava, the Principal of Investments, Avaana Capital said –
“Alekh and Mehtab have created a business model that encapsulates our view on how technology can connect various stakeholders to improve realisations 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.”
About FarMArt –
FarMart, is a startup that aids agriculture retailers to serve farmers better by providing them with access to the information input and market linkage. It was founded and established by Alekh Sanghera and Mehtab Singh Hans in 2016, headquartered in Gurgaon, Haryana.
It is the first micro SaaS platform in the country which aids food business source high-quality products or outputs at an affordable and reasonable price. FarMarts platform focuses on serving farmers better access to information. It intends to make the entire value chain remunerative and streamlined.
FarMart, claims that it has gathered over 10,000 retailers on the platform with obtaining access to more than 400,000 farmers across 15 different states of the country.
Words from the CEO –
Speaking about the latest fundraising, Alekh Sanghera, CEO, FarMart said, –
“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.”
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