FarMart, a Gurgaon, India-based B2B SaaS-led food supply platform, raised $10 million funding led by Matrix Partners India, with participation from Innoven Capital and existing investors Omidyar Network India, Avaana Capital, and 500 Startups.
Angel investors participating in the round include Amit Lakhotia (Founder, Park+), Jitendra Gupta (Founder and CEO, Jupiter), KP Balaraj (Ex-founder, WestBridge Capital and Sequoia Capital India), OfBusiness Founder’s Fund, Revant Bhate, and Dhyanesh Shah (Co-founders, Mosiac Wellness) among other marquee angel investors.
The funding will be used by the FarMart distribution network across the country, scale product capabilities as well as grow the team. The round also provides an exit for its early investors Indian Angel Network and LetsVenture.
Round: Series A
Funding Month: October 2021
Lead Investors: Matrix Partners India
Additional Investors: Innoven Capital and existing investors Omidyar Network India, Avaana Capital, 500 Startups, Amit Lakhotia, Jitendra Gupta, KP Balaraj, OfBusiness Founder’s Fund, Revant Bhate, and Dhyanesh Shah
Company Website: http://www.farmart.co/
Software Category: B2B SaaS-led food supply platform
About the Company: Founded by childhood friends, Alekh Sanghera and Mehtab Singh Hans, FarMart’s tech platform enables food businesses to source quality and produces in large quantities directly from the farm at cheaper pricing and a faster turnaround time. FarMart’s model is centered around agri-input retailers and solves key challenges faced by the retailer community. Firstly, FarMart provides a micro-SaaS platform that enables retailers to digitize their workflow, increase sales to farmers and conduct their existing business more efficiently. FarMart helps retailers procure commodities from farmers and sell directly to large enterprises through the FarMart platform which opens up a completely new source of revenue for them.