FarMart Raises $10M In Series A Funding Round Led By Matrix Partners India
B2B SaaS-led food supply platform FarMart has raised $10 million in a Series A funding round led by Matrix Partners India. The funding round also saw participation from Innoven Capital and existing investors — Omidyar Network India, Avaana Capital, and 500 Startups.
Angel investors participating in the round include Jitendra Gupta (Founder and CEO, Jupiter), Amit Lakhotia (Founder, Park+), KP Balaraj (Ex-founder, WestBridge Capital and Sequoia Capital India), OfBusiness Founder’s Fund, Revant Bhate and Dhyanesh Shah (Co-founders, Mosiac Wellness) among other marquee angel investors.
As per the startup, the funding will be used by the FarMart distribution network across the country, to scale product capabilities, as well as grow the team.
FarMart | Building India’s Largest Food Supply Platform
Started by childhood friends Alekh Sanghera and Mehtab Singh Hans in 2016, FarMart is an agritech platform addressing the fragmented $300 billion food supply market in India.
The agritech platform enables food businesses to source quality produce in large quantities directly from the farm at cheaper pricing and a faster turnaround time.
Speaking on the development, Alekh Sanghera, Co-founder of FarMart, said,
“This fundraise is a true reflection of the vision we have at FarMart, which is to build an operating system for the agribusiness community in India, starting with agri-retailers who are at the core of our business. Our remarkable growth over the past few months is testament to our thesis of building a product-first and an asset-light business, driven by our amazing team.”
Leveraging its tech platform and the trust of agribusiness communities, FarMart makes the entire value chain streamlined, transparent and financially rewarding for both farmers and businesses. FarMart’s, with a micro-SaaS platform, enables retailers to digitise their workflow, increase sales to farmers and conduct their existing business more efficiently.
The fundraising announcement comes soon after FarMart’s $2.4 million pre-Series A funding in June 2021. With this round, FarMart’s early investors Indian Angel Network and LetsVenture, have made an exit.
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