Ruraltech startup FAARMS raises $10 million in funding
- ByStartupStory | July 14, 2022
Ruraltech startup FAARMS, based in Bengaluru, has raised $10 million from a group of investors that includes Dr. Cornelius (Conny) Boersch, founder of Conny & Co., a serial entrepreneur, one of Europe’s most active business angels, Koh Boon Hwee, a Singaporean angel investor, Apoorva Ranjan Sharma, co-founder of Venture Catalysts and 9 Unicorns, Ramit Mittal of Bharti The financial advisor for the round was Felix advisory.
FAARMS stated that it will use the funds to hire more staff, develop its technology infrastructure, scale up its supply and distribution networks, and increase its geographic reach in India. “The money will mostly be used to increase our footprint in 12 states nationwide. We presently work with more than 50,000 communities in some of the most significant agricultural states, and by the end of 2022, we hope to have expanded to 100,000 villages. Our objective is to continually offer the farming community cutting-edge solutions across the rural supply chain. The co-founders of FAARMS, Taranbir Singh and Alok Duggal, stated that these funds would be put to use to “catalyse our expansion to other geographies and deeper across existing markets.”
Taranbir Singh and Alok Duggal, the co-founders of FAARMS, commented on the new development by saying, “Our goal is to establish the ultimate digital platform enabling seamless, profitable, and effective functioning of rural households in order to increase their incomes and standards of living.” “Utilizing high-quality Agri inputs, our latest research spanning various states and more than 200 villages has demonstrated higher double-digit growth in disposable income. Together with numerous other stakeholders, we are aiming to double agricultural income,” he said.
By utilising the FAARMS-owned and operated logistics network, the startup recently partnered with Bharat BillPay to develop a marketplace for farmers throughout India to manage recurring payments such as water, gas, and electricity bills, loan repayments, insurance premium payments, and secure products such as seeds, cattle feeds, and farming equipment delivered right to their doorstep.
Dr. Cornelius (Conny) Boersch, a business angel and a veteran entrepreneur, stated: “I have made investments in more than 400 businesses worldwide, but FAARMS is the company with the highest market potential that I have ever come across. It arrives at the ideal time. The Indian agricultural market is untapped and ready for change. Significant service gaps exist in rural areas of the nation, not just in India but throughout South Asia. FAARMS has clearly struck a chord based on its phenomenal expansion. As the team works to expand the firm and carry out its objective to improve the lives of the rural communities in India and elsewhere, I’m quite optimistic about the company’s future.”
Follow Startup Story
Related Posts
