FarMart raises $32 million in series B funding led by General Catalyst

Industry:    2022-03-31

Agritech startup, FarMart on Wednesday secured funding worth $ 32 million ( more than ₹240 crores) in a round led by American venture capital firm, General Catalyst.

In the series B round funding, existing investors Matrix Partners India and Omidyar Network India were among the participants. Meanwhile, for the transaction, Elluminate Capital acted as the financial advisor to FarMart.

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

The CEO and co-founder 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”

In a statement, the company stated that this new infusion of funds will fuel the growth of FarMart’s digital distribution network across India and export markets.

Also, the company intends to make key investments in R&D, automation, and technology.

In October last year, FarMart raised about $ 10 million in series A funding. The total capital raised so far by the company was to the tune of $ 48 million.

FarMart is India’s first SaaS-led B2B food supply platform. Its mobile app enables agri-retailers to serve their farmers better by providing access to inputs, advisory, and market linkages. Currently, the company works with 60,000 retailers across 30 states, impacting 1,400,000 farmers.

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