Noida, India-based rural vehicle marketplace Tractor Junction raised USD 5.7 million in a seed funding round on April 26, 2022. Info Edge Ventures and Omnivore co-led the funding round for the company. Existing investors AgFunder GROW Impact Fund and Rockstart AgriFood Fund also participated in the round.
Meanwhile, angel investors, including Vikram Chopra and Mehul Agrawal, the Co-founders of Cars24; Vellayan Subbiah and Arun Venkatachalam from the Murugappa Group Company participated in the funding.
Purpose of Funding for Tractor Junction
The rural vehicle marketplace plans to use the fresh capital to ramp up hiring across various functions. Besides, Tractor Junction will develop financial services.
The startup will also launch physical stores for used tractor transactions across northern India. Earlier, in December 2021, Tractor Junction acquired rival marketplace TractorGuru (farm machinery portal), further strengthening its leadership in this space.
The startup also claims that it has experienced seven times growth in annual revenues and has remained operationally profitable over the last two years.
Tractor Junction claims to revolutionize the rural vehicle space by providing necessary information and vetted reviews on farm machinery. It enables users to compare shortlisted options and brings transparency to pricing.
What the founder has to say
Rajat Gupta, Co-founder of Tractor Junction, said, “The rural vehicle ecosystem is at the cusp of a digital revolution, and our team at Tractor Junction are excited to tackle the opportunity that lies ahead. We are humbled to have the confidence of marquee investors like Info Edge and Omnivore, who bring a vast experience of building scalable businesses.”
What the investors have to say
Kitty Agarwal, the partner at Info Edge Ventures, said, “The used tractor and farm equipment market is highly unorganized with a lack of established sales channels. As a result, farmers struggle with access to quality information and inventory for a relatively high-value purchase. Tractor Junction is bringing convenience, transparency, and affordability to the farm equipment buying process, thus empowering farmers and creating a winning ecosystem for all stakeholders.”
In addition, Jinesh Shah, the managing partner of Omnivore, said, “By clearing the haze of information asymmetry, Tractor Junction is empowering smallholder farmers with access to valuable data and affordable, high-quality farm vehicles. Tractor Junction will have a far-reaching impact on farmer profitability, and we at Omnivore are thrilled to support this journey.”
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