Latest News | FarMart Raises USD 32 Million

New Delhi, Mar 30 (PTI) Food supply startup FarMart on Wednesday said it has secured USD 32 million (over Rs 240 crore) funding in a round led by General Catalyst.

Existing investors -- Matrix Partners India and Omidyar Network India -- also participated in the Series B round. Elluminate Capital acted as the exclusive financial advisor to FarMart on the transaction, the company said in a statement.

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"This new infusion of funds will fuel the growth of FarMart's digital distribution network across India and to export markets. The company also plans to make key investments into R&D, automation and technology," it added.

Through digitisation and incentivising rural agri-retailer, FarMart provides a one-stop-hub for farmers to buy input and sell output in close proximity to their farms.

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"We have built a retailer-centric solution at the intersection of data, hyperlocal serviceability and underutilised assets," FarMart CEO and co-founder Alekh Sanghera, said.

He further said that the funding from General Catalyst and existing investors will provide the thrust to achieve its "ambition of building the world's first operating system that powers food value chains".

Last year in October, the company had raised USD 10 million (over Rs 75 crore) in Series A funding, and the total capital raised so far stands at USD 48 million (approximately Rs 366 crore), the company said.

General Catalyst Managing Director Deep Nishar said, "The fast-growing B2B platform activates critical connections between farmers and agri-retailers, enabling millions of farmers to supply fresh produce to consumers all over India, creating powerful, positive change for these stakeholders."

Matrix India Principal, Sudipto Sannigrahi said FarMart's software as a service-led approach has transformed the way in which farmers and agri-input retailers carry out their business.

Similarly, Omidyar Network India Partner Siddharth Nautiyal said FarMart is revolutionising the agri-tech ecosystem by enabling agri-retailers to serve farmers better and improve farmer income by providing access to information, advisory, and market linkages.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)