FarMart, a B2B Agritech startup, has raised $10 million in a Series A funding round headed by Matrix Partners India. Innoven Capital, as well as existing investors Omidyar Network India, Avaana Capital, and 500 Startups, joined the round, along with a few angel investors.
Angel investors including Amit Lakhotia (Founder, Park+), Jitendra Gupta (Founder & CEO, Jupiter), KP Balaraj (Ex-founder, WestBridge Capital and Sequoia Capital India), Of Business Founder’s Fund, Revant Bhate and Dhyanesh Shah (cofounders, Mosaic Wellness) also participated in the round.
The funds will be used to extend FarMart’s distribution network across the country, as well as to increase the staff and product capabilities. Previously, the startup secured $2.4 million in a pre-Series A round backed by Omidyar Network India and Avaana Capital.
FarMart, founded in 2016 by Alekh Sanghera and Mehtab Singh Hans, is a micro-SaaS-led agritech platform that assists major food enterprises in sourcing excellent products through its network of Agri-retailers. The startup’s goal is to ‘streamline the value chain’ by providing farmers with information, market connections, and input.