Agritech start-up FarMart raised ₹244 crores in a Series B round led by General Catalyst
Agricultural technology start-up General Catalyst led a $32 million (₹ 244 crores) Series B fundraising for FarMart. The round included existing investors Matrix Partners India and Omidyar Network India. This money will be used to invest in R&D, automation, and technology by the startup.
The SaaS-driven food supply platform, which was founded in 2015, allows food enterprises to source high-quality produce in huge numbers directly from the farmgate. It also assists shops in obtaining goods from farmers. Simultaneously, the agri-retailers network supplies farmers with market information and connections.
FarMart announced that it has expanded its output linkage offering, which is disseminated through its app users, to over 600 districts across India, with 75,000 metric tonnes of high-quality product sourced thus far spanning over 15 commodities.
‘At the convergence of data, hyperlocal serviceability, and underutilized assets, we’ve established a retailer-centric solution,’ stated Alekh Sanghera, CEO, and co-founder of FarMart.
‘To get to a legitimate marketplace, farmers must travel 25-30 kilometers.’ We are able to source directly from farmers in a capital efficient and non-linear manner by leveraging the closeness, social capital, and infrastructure of these agri-retailers. Removing unnecessary intermediaries helps farmers get higher pricing, lowers direct costs, and minimizes spillages/wastage by 10-15%,’ said Mehtab Singh Hans, cofounder of FarMart.
‘The rapidly expanding B2B platform activates vital links between farmers and agri-retailers, allowing millions of farmers to deliver fresh produce to consumers across India, resulting in powerful, positive change for these stakeholders. We are thrilled and excited to be a part of FarMart’s development,’ stated Deep Nishar, Managing Director of General Catalyst.
In October 2021, the platform raised a $10 million Series A round, bringing the total capital raised to $48 million (₹366 crores). Also Read | KN Agri Resources to raise ₹50 crore via IPO and list on NSE SME Emerge platform.
‘Their ability to scale rapidly using technology while remaining capital efficient is exceptional, and we are excited to see the key role they play in building a transparent and financially rewarding value chain for farmers and the Next Half Billion,’ says Siddharth Nautiyal, Partner, Omidyar Network India.