Ayekart, an agri-fintech startup, has secured $6.5 million (INR 53 crore) in Series A funding from Omnivore, Siana Capital, and Unleash Capital.
Unitus Capital served as the sole financial advisor to the company for the transaction.
The startup plans to utilize the newly acquired funds to broaden its operations across the nation and serve a larger customer base, including FPOs (Farmer Producer Organizations), food manufacturers, distributors, and retailers.
Established in 2020 by Debarshi Dutta, Ashutosh Singh, and Milind Borgikar, Ayekart offers fintech and supply chain solutions tailored for traditional businesses operating within the agrifood value chain.
Commenting on the funding, Co-Founder and CEO Debarshi Dutta said, “We understand the critical pain points that agrifood MSMEs face – the need for market linkages, access to finance, and an efficient technology ecosystem to enhance their businesses. To address these challenges, we have developed innovative fintech solutions tailored to empower FPOs and agrifood MSMEs.”
Ayekart operates in 18 states with over 9,000 active merchants on its platform. It claims to have facilitated more than 2.5 lakh transactions worth over INR 2.1 crore in lifetime GTV (Gross Traded Value) and has been profitable since its inception.
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In 2022, the startup secured $5.5 million in a combination of debt and equity funding. This capital infusion aimed to offer financial and technological support to traditional businesses within the food and agriculture sector, facilitating their expansion.
Back then it said that it had plans to expand its services to 15 countries in the next five years.
In the agritech sector, KisanKonect recently secured $3.7 million in funding to expand its efforts in climate-smart agriculture initiatives, benefitting its network of 5,000 farmers.
Also, last year, Waycool was reported to be in talks with multiple investors, including sovereign funds, impact funds, and family offices, to raise funding in the range of $50 million to $70 million.
Continue Exploring: Shilpa Shetty-backed agritech startup KisanKonnect secures INR 31 Crore in pre-series A funding led by Green Frontier Capital