The Series A round was led by new investor Matrix Partners India, with participation in the form of $2.5M of venture debt from Innoven Capital.
The Series A round was led by new investor Matrix Partners India, with participation in the form of $2.5M of venture debt from Innoven Capital. Existing investors Avaana and Omidyar also supported FarMart in this round, taking the total primary equity infusion in the Company to $7.5M. The round also provided an exit for FarMart’s early investors Indian Angel Network and LetsVenture.
Founded by Alekh Sanghera and Mehtab Singh Hans, FarMart is going after the $300B food supply market in India, with a technology-enabled platform for food businesses to source quality produce in large volumes at cheaper pricing and faster turnaround times.
FarMart has built a micro-SaaS tool to establish a large network of over 15,000 active agri-input retailers and over 1 million farmers, and works with more than 100 institutional buyers including ITC, Olam, and Cargill.
The new funding will allow FarMart to expand its distribution network across the country, scale product capabilities, and grow the team. We are delighted to support Alekh, Mehtab and the entire FarMart team on their journey to become a market leader in the agri-tech space.
Source: Business World