Team StartupCity

• FarMart in advanced talks to raise $35-40 million in new funding
• Impact Fund Denmark and Greater Pacific likely to lead; existing investors may join
• Funds aimed at scaling B2B platform and strengthening supply chain reach

B2B agritech startup FarMart is reportedly in advanced discussions to raise $35-40 million in a fresh funding round, according to sources familiar with the matter. The round is expected to be led by Impact Fund Denmark and Greater Pacific, with participation from existing investors such as General Catalyst and Matrix Partners.

Earlier this year, FarMart raised $10 million in a mix of equity and debt, bringing its total funding to over $60 million, including a $32 million Series B led by General Catalyst with contributions from Z47 and Omidyar Network India. Terms of the new round are still being finalized and may change before closing.

FarMart’s platform digitizes the agricultural supply chain, connecting nearby buyers and sellers to cut down on logistics costs from long-distance transport. It has established a strong presence in central and northern India, though its footprint in southern states and Jammu & Kashmir is limited.

The startup operates in a competitive space alongside Gramophone (now merged with Unnati), Agrim, Krishify, and other agri-supply players. Despite a slump in agritech funding over the past few years, recent investments and consolidation have reignited optimism in the sector.

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According to a report, FarMart reported a 30% year-on-year growth in operating revenue to Rs 1,341 crore in FY24, while posting a net loss of Rs 68 crore. The company continues to focus on expanding its B2B network and scaling operations across India.