SaaS-based food supply platform FarMart has raised $10 million through equity and debt funding to transform the agricultural supply chain, as its latest Series C funding, backed by non-convertible debentures and a fast-growing B2B food commerce model, powers its global expansion plans.

FarMart received INR 43 crore from GC India Investment Holdings and INR 1 crore from Matrix Partners India (Z47) in its latest Series C funding round. At the same time, Stride Ventures and Trifecta Venture provided Rs 40 crore through non-convertible debentures. This funding will help FarMart strengthen its SaaS-based food supply platform and improve the agricultural supply chain.

Founded by Alekh Sanghera and Mehtab Hans in 2015, FarMart Funding uses its SaaS-based food supply platform to connect nearby buyers and sellers. This approach makes the agricultural supply chain more efficient by cutting logistics costs. Its growing B2B food commerce network covers parts of Asia, the Middle East, and Africa.

FarMart Valuation Hits New Heights

After this Series C funding, FarMart Funding’s valuation jumped to about INR 1,800 crore ($210 million). The company plans to use the money to expand its SaaS-based food supply platform and strengthen its agricultural supply chain in current and new markets.

In FY24, FarMart Funding increased its operating revenue by 30 percent to INR 1,341 crore. However, it still reported a net loss of INR 68 crore. Even so, its growing B2B food commerce model and new Series C funding show its potential. The company has already raised over $60 million, including a $32 million Series B round led by General Catalyst.

FarMart Funding competes with other agri-tech startups like Gramophone (backed by Info Edge), Agrim (backed by Kalaari Capital), and Krishify. However, its strong SaaS-based food supply platform, focus on the agricultural supply chain, and smart use of Series C funding and non-convertible debentures are well-positioned for future success.

Thanks to the latest FarMart funding round, the company plans to upgrade its logistics systems and reach southern India and Jammu & Kashmir. Its innovative use of SaaS-based food supply platform technology and focus on B2B food commerce will drive its subsequent growth stage.

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