A mobile based agritech startup FarMart, has announced that it has raised $2.4 Million in pre series A round led by Omidyar Network India and Avaana Capital.
The funding will be utilized to focus on product development and scale market linkage capabilities.
In 2016 Alekh Sanghera and Mehtab Singh Hans founded FarMart that will help farmers to access information related to market linkages and input.
FarMart aims to make the entire value chain. They do so with the assistance of leveraging technology and also optimising under utilized assets of retailers.
In a conversation with Alekh Sanghera, co-founder, FarMart said “with the first approach of our product we have been able to create a scalable, trust based distribution network that helps us gain access to frame at first mile. With this funding we seek to further our mission to become the largest online platform connecting food businesses with over 10 million farmers through a nationwide retailer network by 2025.”
The startup claims to have onboarded 10,000 retailers and access to 400,000 + farmers across 15 states just within 9 months of its commencement.
While talking about the investment Madhav Tandan, Director at Omidyar Network India, said “ with its innovative tech led merchant centric and distribution first model. FarMart has set out on a journey to create an agri platform that helps increase income for farmers. The improve access to market and using data at core of decision making”
Shruti Shrivastava, Principal, Avaana Capital mentioned that,
“Alekh and Mehtab have created a business world that changes our view on how technology can connect various stakeholders to improve realisation for farmers and offerings for buyers while also building a scalable and profitable business model.”