FarMart raises $10M in Series A funding led by Matrix Partners India
SaaS food supply platform FarMart recently raised $10 million in its Series A round of funding led by Matrix Partners India. The round also saw participation from Innoven Capital, Omidyar Network India, Avaana Capital, and 500 Startups, along with investors Amit Lakhotia (Park+), Jitendra Gupta (Jupiter), KP Balaraj (WestBridge Capital and Sequoia Capital India), Revant Bhate and Dhyanesh Shah (Mosiac Wellness), among others.
The B2B startup plans to use the capital raised to establish itself as the country’s biggest food supply platform by 2022. This will be achieved through scaling product capabilities and talent acquisition to grow the existing team.
“This fundraise 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,” stated FarMart co-founder Alekh Sanghera.
FarMart was founded by Alekh Sanghera and Mehtab Singh Hans to enable food-based companies to source high quality produce in bulk directly from farmers at a cheaper price point with great efficiency.
Commenting about the investment, Matrix India Vice-President Sudipto Sannigrahi stated, “We are big believers of Alekh and Mehtab’s vision of creating a capital-efficient and seamless food distribution network for the agri-retailer and farmer community. FarMart’s tech-led scalable model makes them well-positioned to disrupt the $300 billion+ Agriculture market and their extremely strong 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!”
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