FarMart Raises $2.4 Million in funding round led by Omidyar Network India & Avaana capital
FarMart, a mobile-based, agritech platform, has raised INR 17.7 crore or $2.4 million in pre-series A funding round led by Omidyar Network India and Avaana Capital. Existing investors Indian Angel Network and LetsVenture also participated in the round. The funding will be utilized towards
its development, user base expansion and scaling its market linkage capabilities.
FarMart, founded by Alekh Sanghera and Mehtab Singh Hans, operates India’s first micro-SaaS led agritech platform. The platform helps agri-retailers serve farmers better by providing them with access to information, market linkages and input. The company aims to form the complete value chain – from input to output – streamlined and remunerative. It does this by leveraging technology, the trust of the agri-business communities, and optimizing under-utilized assets of the retailers. Within 9 months of launch, FarMart has onboarded 10,000 retailers and has access to 400,000+ farmers across 15 states within the country.
“Through our product-first approach, we've got been able to create a scalable, trust-based distribution network that helps us gain access to farmers at the primary mile. With this funding round, we seek to further our mission to become the biggest online platform connecting food businesses with over 10 million farmers through our nationwide retailer network by 2025,” explained, Co-founder and CEO, Alekh Sanghera.
“Over the last year we've got made significant strides in developing our platform and growing our trust within the agribusiness community. Madhav Tandan and Shruti Srivastava have both been incredible thought partners to us in our journey and that we are honoured to strengthen and formalize our relationship with Omidyar Network India and Avaana Capital. With such valued partners at this early stage, we are well on our thanks to move the needle in Indian agriculture,” said, Mehtab Hans, the Co-founder of FarMart.
“With its innovative tech-led, merchant-centric and distribution-first model, Farmart has come into being on a journey to form an agri platform that helps increase value realization and income for farmers. they permit better access to markets; aggregate produce using existing infrastructure and are using data at the core of their decision-making. Alekh and Mehtab’s vision of solving for the wants of this massive and underserved market comprising ~1M merchants and ~140M farmers, resonates strongly with our investment thesis for the subsequent Half Billion and we’re excited to partner with them,” added Madhav Tandan, Director, Omidyar Network India.
“Alekh and Mehtab have created a business model that encapsulates our view on how technology can connect various stakeholders to boost realizations for farmers and offerings for buyers, while also building a scalable, defensible, and profitable business model. We are encouraged by the traction of their micro-entrepreneur-led market linkage platform and are confident within the team’s ability and knowledge to require this business to great heights moreover as deliver a positive impact to the availability chain for semi-perishable agri produce,” said Shruti Srivastava, Principal, Investments, Avaana Capital.
its development, user base expansion and scaling its market linkage capabilities.
FarMart, founded by Alekh Sanghera and Mehtab Singh Hans, operates India’s first micro-SaaS led agritech platform. The platform helps agri-retailers serve farmers better by providing them with access to information, market linkages and input. The company aims to form the complete value chain – from input to output – streamlined and remunerative. It does this by leveraging technology, the trust of the agri-business communities, and optimizing under-utilized assets of the retailers. Within 9 months of launch, FarMart has onboarded 10,000 retailers and has access to 400,000+ farmers across 15 states within the country.
“Through our product-first approach, we've got been able to create a scalable, trust-based distribution network that helps us gain access to farmers at the primary mile. With this funding round, we seek to further our mission to become the biggest online platform connecting food businesses with over 10 million farmers through our nationwide retailer network by 2025,” explained, Co-founder and CEO, Alekh Sanghera.
“Over the last year we've got made significant strides in developing our platform and growing our trust within the agribusiness community. Madhav Tandan and Shruti Srivastava have both been incredible thought partners to us in our journey and that we are honoured to strengthen and formalize our relationship with Omidyar Network India and Avaana Capital. With such valued partners at this early stage, we are well on our thanks to move the needle in Indian agriculture,” said, Mehtab Hans, the Co-founder of FarMart.
“With its innovative tech-led, merchant-centric and distribution-first model, Farmart has come into being on a journey to form an agri platform that helps increase value realization and income for farmers. they permit better access to markets; aggregate produce using existing infrastructure and are using data at the core of their decision-making. Alekh and Mehtab’s vision of solving for the wants of this massive and underserved market comprising ~1M merchants and ~140M farmers, resonates strongly with our investment thesis for the subsequent Half Billion and we’re excited to partner with them,” added Madhav Tandan, Director, Omidyar Network India.
“Alekh and Mehtab have created a business model that encapsulates our view on how technology can connect various stakeholders to boost realizations for farmers and offerings for buyers, while also building a scalable, defensible, and profitable business model. We are encouraged by the traction of their micro-entrepreneur-led market linkage platform and are confident within the team’s ability and knowledge to require this business to great heights moreover as deliver a positive impact to the availability chain for semi-perishable agri produce,” said Shruti Srivastava, Principal, Investments, Avaana Capital.
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