Akshata Sharma
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Agritech startup FarMart has raised INR 24 Cr ($2.8 Mn) as part of a financing round from Swiss asset manager ResponsAbility Investments
The startup said that it will use the fresh proceeds to accelerate its efforts towards a carbon-efficient food supply chain. As part of the deal, FarMart will also leverage responsibility's expertise to optimise its existing supply chain.
Founded in 2015 by Alekh Sanghera, Mehtab Singh Hans and Lokesh Singh, FarMart is an agritech startup that helps global food brands procure food commodities right from farmers.
It leverages its network of 3 Mn farmers to help more than 2,000 food manufacturers across six countries to procure 90+ food commodities. Singh is no longer associated with the startup.
Earlier this month, Info Edge increased its stake in agritech startup Gramophone to 39.5% with an additional investment of INR 15 Cr in the agritech startup. Prior to that, another player Niqo Robotics also marked the final close of its Series B funding round at $13 Mn.
Poshn has also secured $6 Mn, in a mix of equity and debt, as part of a Pre-Series A round co-led by Prime Venture Partners and Zephyr Peacock India.
As per media, the Indian agritech space is projected to be a $25 Bn market opportunity by 2025.
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