Leading Indian agritech startup FarMart has received a new round of funding from Swiss asset manager Responsibility Investments worth INR 24 crore (about USD 2.8 million). With this financing, FarMart will be able to step up its efforts to create a food supply chain that is more carbon-efficient and sustainable.
Optimizing the Food Supply Chain for a Sustainable Future
With the recently obtained funds, FarMart plans to enhance the efficiency of its current food supply chain framework. Through the utilization of responsAbility’s sustainable investing expertise, FarMart hopes to minimize its carbon impact and optimize its operations. This tactical alliance supports FarMart’s mission to create a world that is food secure and demonstrates their dedication to environmental responsibility.
A Shared Vision for Sustainability
Alekh Sanghera, co-founder and CEO of FarMart, stated that sustainability is a fundamental tenet of the company. ResponsAbility’s commitment to sustainability is a wonderful fit for our objectives. Their investment gives us the ability to work faster to create a food supply chain that uses less carbon and, eventually, realize our goal of a world where everyone has access to food. This was also expressed by Neha Baid, Head of Sustainable Food Debt at responsAbility APAC. “We are honored to work with FarMart to lessen food waste and loss in India. Their cutting-edge technology innovations are essential for building effective logistics and supply chain networks. By combining our knowledge of finance and climate advisory, we hope to increase the good that FarMart is doing.
Connecting Farmers Directly with Food Brands
Established in 2015 by Alekh Sanghera, Mehtab Singh Hans, and Lokesh Singh, FarMart is a revolutionary agritech platform that connects food brands directly with farmers. The company leverages its robust network of over 3 million farmers across India to cater to the procurement needs of more than 2,000 food manufacturers in six countries. This extensive network facilitates the seamless sourcing of over 90 different food commodities.
Harnessing Technology for Quality and Transparency
FarMart integrates artificial intelligence (AI) into its operations to conduct thorough quality checks on procured produce. This ensures that food brands receive high-quality ingredients while maintaining complete transparency throughout the entire supply chain. FarMart’s B2B (business-to-business) model caters to a diverse clientele across Asia, the Middle East, and Africa.
FarMart’s Funding History
FarMart has garnered significant investor interest throughout its growth trajectory. The company boasts an impressive funding history, having secured over $44 million in capital to date. This includes investments from prominent names in the venture capital landscape, such as General Catalyst, Matrix Partners, Omidyar Network, and Avaana Capital.
A Thriving Ecosystem
The current fundraising round by FarMart is indicative of the growing Indian agritech sector. The agricultural industry’s increasing need for creative solutions is driving this field’s rapid progress. Principal forces behind this expansion are the integration of artificial intelligence and a renewed emphasis on smart agriculture techniques, which are backed by both the federal and state governments. A new generation of agritech companies that are upending the status quo are emerging as a result of this innovative environment. Because of this, the agritech industry is expanding steadily and drawing a lot of interest from investors. Investors are realizing these new-age digital businesses’ enormous potential as they transform the agricultural landscape.
Recent Investments in the Indian Agritech Sector
Earlier in May 2024, Info Edge, a leading internet company, increased its stake in Gramophone, a promising agritech startup, to 39.5%. This move highlights the growing confidence in agritech companies. Additionally, Niqo Robotics, another agritech innovator, successfully concluded its Series B funding round, securing $13 million.
Poshn Secures Funding for Continued Growth
Poshn, another player in the agritech space, recently secured $6 million in a pre-Series A round. This funding, a combination of equity and debt, was co-led by Prime Venture Partners and Zephyr Peacock India. The Indian agritech market is projected to be a massive $25 billion opportunity by 2025, according to Inc42, a leading Indian startup data platform. This substantial market size underscores the immense potential within the agritech sector.
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