A software-as-a-service-led food supply platform, FarMart, has raised $10 million in a funding round led by Matrix Partners India.

Innoven capital and existing investors like Omidyar Network India, Avaana Capital and 500 Startups have also participated in the round. The capital will be used to scale product capabilities, expand its distribution network across the country and grow the team.

“Our vision is to build an operating system for the agribusiness community in India, starting with agri-retailers who are at the core of our business,” said Alekh Sanghera, co-founder and chief executive at FarMart.

“Farmers across the country would have direct access to formal markets, selling any type of commodity within 5-7 k of their farms,” Mehtab Singh, cofounder of FarMart said.

Founded by Sanghera and Mehtab Singh in 2015 in Gurugram, the startup provides a micro-SaaS platform that enables retailers to increase sales to farmers, digitise their workflows and conduct their existing business more efficiently. It also opens a completely new source of revenue for the retailers by procuring commodities from farmers and selling directly to large enterprises through the FarMart platform.

The company had raised $2.4 million in a pre-Series A round, Earlier in June.
The company has scaled its network to over 15,000 active agri-input retailers and 750,000 farmers, since launching the market linkage platform six months back. Including ITC, Olam and Cargil, today it has more than 100 business-to-business buyers.

“FarMart’s tech-led scaleable model makes them well-positioned to disrupt the $300B+ agriculture market and their extremely strong growth over the last six months is a testament to their model and execution,” said Sudipto Sannigrahi, vice president at Matrix India.