FarMart, an agritech startup, has secured INR 24 Crore ($2.8 Million) in funding from Swiss asset manager ResponsAbility Investments as part of its financing round.
The startup plans to utilize the fresh proceeds to expedite its efforts towards building a carbon-efficient food supply chain. Additionally, as part of the deal, FarMart will leverage responsAbility’s expertise to optimize its existing supply chain.
FarMart cofounder and CEO Alekh Sanghera emphasized, “Sustainability lies at the heart of our business, and responsAbility aligns with our mission through its robust focus and proficiency in sustainability. Their investment enables us to expedite our endeavors towards establishing a carbon-efficient food supply chain, ultimately advancing our vision of a food-secure world.”
Neha Baid, Head of Sustainable Food Debt at responsAbility APAC, expressed, “We take pride in our collaboration with FarMart to combat food loss and waste in India. Their technological solutions play a pivotal role in optimizing supply chain and logistics efficiency. Through our financing and climate advisory proficiency, we are amplifying our impact alongside FarMart.”
Continue Exploring: FarMart joins ONDC as the first food and agri-tech supply network
Established in 2015 by Alekh Sanghera, Mehtab Singh Hans, and Lokesh Singh, FarMart is an agritech startup facilitating direct procurement of food commodities for global food brands from farmers. With a network spanning 3 million farmers, it assists over 2,000 food manufacturers across six nations in procuring more than 90 food commodities.
Additionally, it harnesses AI for quality assurance and places a strong emphasis on traceability across the value chain. The B2B startup asserts its ability to serve clients across Asia, the Middle East, and Africa.
Supported by prominent investors including General Catalyst, Matrix Partners, Omidyar Network, and Avaana Capital, the startup has accumulated over $44 million in funding to date.
Market Dynamics:
This development comes at a time when the Indian agritech startup ecosystem is experiencing significant growth, fueled by increasing demand for agricultural products and services. It coincides with the integration of AI and a renewed push from both the central government and states towards adopting smart agricultural practices.
Continue Exploring: Uttar Pradesh govt aims to integrate AI in farming, bolster agritech startups for economic growth
Consequently, the market is experiencing steady growth, accompanied by the emergence of a new wave of agritech players that are reshaping the industry. Investors are eagerly lining up to support these innovative tech companies.
Earlier this month, Info Edge augmented its ownership in agritech startup Gramophone to 39.5% by injecting an additional INR 15 Crore into the company. Preceding this, Niqo Robotics concluded its Series B funding round at $13 million.
Continue Exploring: Info Edge to invest additional INR 15 Cr in agritech startup Gramophone
Poshn has secured $6 million, comprising both equity and debt, as part of a Pre-Series A round co-led by Prime Venture Partners and Zephyr Peacock India.
According to data, the Indian agritech sector is projected to represent a market opportunity of $25 billion by 2025.