Farm vehicle marketplace Tractor Junction raises $5.7 million led by Info Edge & Omnivore
- ByStartupStory | April 28, 2022
Rural vehicle marketplace, Tractor Junction, made headlines as it raised USD 5.7 million in a seed round co-led by Omnivore and Info Edge Ventures.
Existing investors Rockstart AgriFood Fund, AgFunder GROW Impact Fund participated in the round, alongside angel investors such as Vikram Chopra & Mehul Agrawal (co-founders of Cars24), Sanjiv Rangrass and Vellayan Subbiah & Arun Venkatachalam from the Murugappa Group.
Tractor Junction is currently India’s largest digital marketplace to finance, sell, buy and insure new and used tractors, rural commercial vehicles, and farm equipment, said the company in an official statement.
The startup is changing the rural vehicle space by now providing necessary information and vetted reviews on farm machinery and bringing transparency in pricing.
Tractor Junction’s services enable users to compare shortlisted options. “The rural vehicle ecosystem is at the cusp of a digital revolution, and our team at Tractor Junction is excited to tackle the opportunity that lies ahead,” said Rajat Gupta, co-founder of Tractor Junction.
The Noida-based startup Tractor Junction was founded in 2019 by Rajat Gupta, Shivani Gupta and Animesh Agarwal. Over the last 2 years, Tractor Junction has witnessed 7-fold growth in annual revenues and has remained operationally profitable.
In December last year, the company acquired rival marketplace TractorGuru, which helped further strengthen its leadership in this space. In the last one year, the Tractor Junction portal had more than 30 million unique visitors, and the brand is now rapidly gaining prominence in rural India.
The startup plans to utilise the capital infusion for talent acquisition, the development of financial services, and for launching physical stores for used tractor transactions across northern India.
Kitty Agarwal, a partner at Info Edge Ventures, commented, “The used farm and tractor equipment market is very unorganized with a lack of established sales channels. As a result, farmers struggle to find access to quality information and inventory for a relatively high-value purchase. Tractor Junction is bringing transparency, affordability, and convenience to the farm equipment buying process, thus empowering farmers and also creating a winning ecosystem for all major stakeholders.”
Jinesh shah, who holds post of the managing partner of Omnivore, said, “By clearing the haze of information asymmetry, Tractor Junction is now empowering smallholder farmers with access to affordable, high-quality farm vehicles and valuable data. Tractor Junction will have a far-reaching impact on farmer profitability, and we at Omnivore are very thrilled to support this journey.”
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