Gurgaon-based FarMart, a B2B SaaS-led Agritech startup, has raised $10 million funding led by Matrix Partners India, with Innoven Capital and existing investors — Omidyar Network India, Avaana Capital, and 500 Startups.
Angel investors participating in the round include Amit Lakhotia (Founder, Park+), Jitendra Gupta (Founder and CEO, Jupiter), KP Balaraj (Ex-founder, WestBridge Capital and Sequoia Capital India), OfBusiness Founder’s Fund, Revant Bhate and Dhyanesh Shah (Co-founders, Mosiac Wellness) among other marquee angel investors.
FarMart will use the funding to strengthen its distribution network across the country, scale product capabilities, and grow the team. FarMart’s fundraising announcement comes soon after its $2.4 million pre-Series A funding in June 2021.
FarMart helps farmers through its technology-enabled platform
Operated by Farmart Service Pvt Ltd, the startup was founded in December 2015 by Alekh Sanghera, Mehtab Singh Hans, and Lokesh Singh. Initially, FarMart helped farmers rent their underutilized agricultural machinery to small and marginal farmers in need of it on a pay-per-use basis via a mobile app and call center.
Now the startup addresses the fragmented $300 billion food supply market in India. FarMart’s tech platform enables food businesses to source quality produce in large quantities directly from the farm at cheaper pricing and a faster turnaround time.
The agritech startup has tried to provide technology-driven solutions to myriad issues ailing the Indian farm sector. It has also developed a disruptive scalable model after years of hard work with small and medium-scale farmers at the grassroots level.
Alekh Sanghera, Co-founder of, FarMart said, “This fundraiser is a true reflection of the vision we have at FarMart, which is to build an operating system for the agribusiness community in India, starting with agri-retailers who are at the core of our business. Our remarkable growth over the past few months is testament to our thesis of building a product-first and an asset-light business, driven by our amazing team.”
FarMart launched its market linkage platform six months back
FarMart’s model is centered around agri-input retailers and solves key challenges faced by the retailer community. Firstly, FarMart provides a micro-SaaS platform that enables retailers to digitize their workflow, increase sales to farmers, and conduct their existing business more efficiently.
Since launching the market linkage platform six months back, the company has scaled its network to over 15,000 active agri-input retailers and 750,000 farmers who have shipped over 30,000+ tonnes of produce on the FarMart platform.
Today, among more than 100 B2B buyers, ITC, Olam, and Cargill, among others. The company’s SaaS-enabled asset-light model and low working capital have helped them achieve this exponential growth in a highly capital-efficient manner.
Sudipto Sannigrahi, Vice President, Matrix India, commented, “FarMart’s tech-led scalable model makes them well-positioned to disrupt the $300 billion+ Agriculture market, and their robust growth over the last six months is a testament to their model and execution. We’re excited to be a part of this disruptive journey with the FarMart team!”
