Agri-fintech Startup Ayekart Raises $5.5 Million In Fresh Funding
Ayekart, an integrated digital platform strengthening traditional businesses and agricultural value chain, has raised $5.5 million through equity and debt funding round from Caspian Debt and Siply.
As per the startup, the raised funds will be used to serve the burgeoning business needs of traditional businesses in the food and agri sector by providing financial and technological assistance to elevate their businesses and enhance growth.
Ayekart | Empowering Traditional Business With Technology, Services And Finance
Founded by Debarshi Dutta and Sanjay Shah in December 2020, Ayekart is an integrated supply chain platform for empowering traditional businesses with technology, services and finance.
Through its services, the startup addresses the needs of producers, farmers collectives, manufacturers, processors, distributors, retailers and consumers.
Speaking about the development, Debarshi Dutta, CEO & Co-founder of Ayekart, said,
“Ayekart constantly thrives to enable the best of its services through finance, technology, and services for the betterment of FPOs, farmer communities, and traditional businesses. We will use the fund raised to strengthen our ecosystem to meet the necessities of small and traditional vendors, dealers/distributors, farmer communities, millers, processors, distributors and retailers.”
The startup is working with a vision to establish a global MSME supply chain digital ecosystem for trusted hyperlocal delivery.
Ayekart began its commercial rollout in September 2021 and did a Gross Transaction Value (GTV) of Rs 139.5 crore in FY 21-22, with PAT positive. The startup raised an angel round of around Rs 5.5 crore in the same month.
It aims to go global, providing a Platform-as-a-Service (PAAS) to 15 countries in 5 years.
Commenting on the funding, Avishek Gupta, Managing Director & CEO at Caspian Debt, said,
“We are delighted to support Ayekart in its growth journey of empowering small businesses in the agriculture value chain. Ayekart plays a significant role in providing new market avenues as well as payment assurance to the suppliers in the agri ecosystem. Their platform provides strength to the local ecosystem players (processors, distributors, and retailers), helping them to grow the business without affecting their margins, thus creating a positive impact. We look forward to continuing our participation along their journey.”
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