FarMart, the agritech startup that works as a SaaS-led food supply platform, has raised $32 million in a Series B funding round. The round was led by General Catalyst, along with the participation of existing investors like Matrix Partners India and Omidyar Network India. Elluminate Capital worked as the exclusive financial advisor to FarMart on the list.
This new capital funding is aimed at various factors like:
Previously, FarMart had raised $10 million in Series A in October 2021 with the support of Matrix, Avaana and Omidyar, bringing the total capital to $48 million.
FarMart provides SaaS tools to 60,000 agri-retailers in India, who serve 2 million farmers through its mobile application. The company has sourced until now across over 15 commodities.
Today, the startup enables agri-retailers to serve their farmers in a better way and provide them market access by building an alternative food value chain that is completely transparent and financially rewarding to both farmers and businesses.
“We have built a retailer-centric solution at the intersection of data, hyperlocal serviceability and underutilized assets. The entire team is driven by the ambition and opportunity to build India’s largest food supply platform. I would like to thank General Catalyst and our existing investors for providing us with the thrust to achieve our ambition of building the world’s first OS that powers food value chains,” says Alekh Sanghera, CEO and Co-founder, FarMart.
“Since we first met Alekh, Mehtab, and the FarMart team, we knew they had a unique distribution approach to building India's largest food sourcing SaaS platform. 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. We are honoured and excited to be a partner in the FarMart journey," said Deep Nishar, Managing Director, General Catalyst (lead investor).