FarMart, a mobile-based, agritech platform, has raised INR 17.7 crore or USD 2.4 million in a pre-series A funding round led by Omidyar Network India and Avaana Capital.
Existing investors Indian Angel Network and LetsVenture also participated. The company will focus on product development, user base expansion and scaling its market linkage capabilities.
FarMart aims to make the entire 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.
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.
Retailers can use the platform to digitize their workflow and grow their businesses by offering agri-marketing to farmers. Within 9 months of launch, FarMart has onboarded 10,000 retailers and has access to 400,000+ farmers across 15 states in the country. End buyers also use the platform to source the best produce at the right price from farmers directly without involving multiple intermediaries. FarMart, thus coordinates pricing, logistics, quality control and payment via its platform.
“Through our product-first approach, we have been able to create a scalable, trust-based distribution network that helps us gain access to farmers at the first mile. With this funding round, we seek to further our mission to become the largest online platform connecting food businesses with over 10 million farmers through our nationwide retailer network by 2025,” explained Co-founder and CEO, Alekh Sanghera.
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