B2B agritech startup FarMart raised $10 million in Series A led by Matrix Partners India, where Innoven Capital and existing investors Omidyar Network India, Avaana Capital & 500 Startups along with angel investors like Amit Lakhotia (Founder, Park+), Jitendra Gupta (Founder & 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, giving early-exit to investors Indian Angel Network and LetsVenture.
FarMart operates a micro SaaS-led agritech platform that helps large food businesses source quality produce by using its network of agri-retailers. The startup aims to ‘streamline the value chain’ by giving farmers access to information, market linkages and input.
The funds raised will be used to expand FarMart’s distribution network across the country and scale the team and product capabilities.
Since the launch of the market linkage program, the startup has scaled its network to over 15,000 agri-input retailers and 750,000 farmers who have shipped over 30,000 tonnes of produce on the platform. It also boasts of more than 100 B2B buyers, including ITC, Olam and Cargill. The company relies on its asset-light and low-capital working model to achieve this kind of growth.