Agritech StartupFarMart Bags INR 24 Cr (about $2.8 million) from Swiss asset manager ResponsAbility Investments. The startup announced it will use the new funds to make its food supply chain more carbon-efficient and to improve its existing supply chain with help from ResponsAbility’s expertise.
FarMart, founded in 2015 by Alekh Sanghera, Mehtab Singh Hans, and Lokesh Singh, is an agritech startup. It assists global food brands in buying food directly from farmers. Using its network of 3 million farmers, FarMart helps over 2,000 food manufacturers in six countries purchase more than 90 different food items. Singh is no longer part of the startup.
Agritech Startup FarMart Bags INR 24 Cr from ResponsAbility Investments
FarMart’s cofounder and CEO Alekh Sanghera said,
“Sustainability is very important to us. ResponsAbility supports our goal with their expertise in sustainability. Their investment helps us speed up our work towards a carbon-efficient food supply chain and achieve our vision of a food-secure world.”
Neha Baid, head of sustainable food debt at ResponsAbility APAC, added,
“We are proud to help reduce food loss and waste in India through our partnership with FarMart. Their technology is essential for an efficient supply chain and logistics. With our financing and climate advisory expertise, we are increasing our impact with FarMart.”
FarMart Using AI for Quality Checks and Traceability
FarMart, a B2B startup, uses AI to ensure quality checks and emphasizes traceability in the food supply chain. It serves clients in Asia, the Middle East, and Africa. Supported by investors like General Catalyst, Matrix Partners India, Omidyar Network, and Avaana Capital, FarMart has raised over $44 million in funding.
The Indian agritech startup scene is booming due to increased demand and government support for smart agricultural practices. This growth has attracted both new startups and investors to the sector.
Recent Investments in Indian Agritech Startups
Info Edge recently increased its ownership in Gramophone, an agritech startup, to 39.5% by investing an additional INR 15 Cr. Meanwhile, Niqo Robotics completed its Series B funding round, raising $13 Mn.
Poshn, another startup, secured $6 Mn through a Pre-Series A round, with Prime Venture Partners and Zephyr Peacock India as co-leads. According to Inc42, the Indian agritech sector is expected to grow into a $25 billion market by 2025.
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