AGRIM Raises $10M In Series A Funding Led By Kalaari Capital
AGRIM, a Gurugram-based agritech startup, has raised $10 million in a Series A round of funding led by Kalaari Capital. The funding round also saw participation from existing investors Omnivore, India Quotient, and Accion Venture Labs. Axis Bank also joined the funding round as part of their Bharat Banking initiative.
As per the startup, the raised funds will be used for talent acquisition, embedded fintech product development, and scaling up operations.
AGRIM | B2B Agri-Input e-commerce Marketplace
Founded in 2020 by Mukul Garg and Avi Jain, AGRIM is a B2B agri-input e-commerce marketplace, which brings small retailers and manufacturers on one platform.
The agritech startup is building a digital platform for the agri-inputs industry by connecting retailers directly with manufacturers and providing all parties with solutions for distribution, credit, logistics, and marketing.
Speaking of the development, Mukul Garg, Co-founder and CEO of AGRIM, said,
“In the last 15 months, we have achieved product-market fit. This investment will help us expand exponentially into new categories and geographies. Given the unit-level profitability, most funds will be used to bring rock stars onboard and launch embedded fintech services for our retailers.”
The startup works across multiple categories, including seeds, fertilisers, crop protection, animal nutrition, and farm implements. AGRIM claims to be present across 500 districts, connected with 2,500 manufacturers and 170,000 retailers.
The Gurugram-based agritech startup expects to clock annualised GMV (gross merchandising value) of $100 million in 2022 and plans to increase stock-keeping units by 10X to reach 250,000 SKUs across agri-input categories.
As per the data by Entrackr’s Fintrackr, more than three dozen agritech startups had raised funds in 2021. Earlier this January, agritech startups including MoooFarm, Agrowave, Bijak, WayCool, Arya.ag, BigHaat, and Pepper Farms also raised funds.
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