Ruraltech startup FAARMS, based in Bengaluru, has raised USD 10 million from a group of investors that includes Dr. Cornelius (Conny) Boersch, founder of Conny & Co., a serial entrepreneur, one of Europe’s most active business angels, Koh Boon Hwee, a Singaporean angel investor, Apoorva Ranjan Sharma, co-founder of Venture Catalysts and 9 Unicorns, Ramit Mittal of Bharti.
By utilizing the FAARMS-owned and operated logistics network, the startup recently partnered with Bharat BillPay to develop a marketplace for farmers throughout India to manage recurring payments such as water, gas, and electricity bills, loan repayments, insurance premium payments, and certain products such as seeds, cattle feeds. Farming equipment is delivered right to their doorstep.
What the founders have to say:
Taranbir Singh and Alok Duggal, Co-founders FAARMS, stated:
“To raise rural households’ earnings and living standards, our mission is to build the ultimate digital platform enabling seamless, profitable, and effective functioning of rural households.
Utilizing high-quality Agri inputs, our latest research spanning various states and more than 200 villages has demonstrated higher double-digit disposable income growth. Together with numerous other stakeholders, we are aiming to double agricultural income.
The money will primarily increase our footprint in 12 states nationwide. We presently work with more than 50,000 communities in some of the most important agricultural states, and by the end of 2022, we hope to have expanded to 100,000 villages. Our objective is to continually offer the farming community cutting-edge solutions across the rural supply chain. We will use these funds to accelerate our growth across existing markets and into newer geographical areas.”
What the investors have to say:
Dr. Cornelius (Conny) Boersch, a business angel and a veteran entrepreneur, stated:
“I have made investments in more than 400 businesses worldwide, but FAARMS is the company with the highest market potential I have ever seen. It arrives at the ideal time. The Indian agricultural market is untapped and ready for change. Significant service gaps exist in rural areas of the nation, not just in India but throughout South Asia. FAARMS has struck a chord based on its phenomenal expansion. As the team works to expand the firm and carry out its objective to improve the lives of the rural communities in India and elsewhere, I’m pretty optimistic about the company’s future.
This extra money is just the start of efforts to broaden the organization’s network and provide high-quality services to a broader portion of the population in India’s rural regions.”
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 Boersch, founder of Conny & Co., a serial entrepreneur, one of Europe's most active business angels, Koh Boon Hwee, a Singaporean angel investor, Apoorva Ranjan Sharma, co-founder of Venture Catalysts and 9 Unicorns, Ramit Mittal of Bharti.){kind=link}