FarMart, a Gurugram, India-based B2B SaaS-led food supply platform, raised $32 million (Rs 244 crore) in Series B funding.
The round was led by General Catalyst, with participation from existing investors Matrix Partners India and Omidyar Network India.
The latest funding comes just six months after securing $10 million (around Rs 74.8 crore) in a Series A round in October last year bringing its total funds raised so far to $48 million (Rs 366 crore).
FarMart plans to use the fresh capital to boost its digital distribution network in India and to export markets, it also eyes investments in research and development, automation, and technology.
Company: Farmart Service Pvt Ltd.
Round: Series B
Funding Month: March 2022
Lead Investors: General Catalyst
Additional Investors: Matrix Partners India and Omidyar Network India
Company Website: http://www.farmart.co/
Software Category: B2B SaaS-led food supply platform
About the Company: Founded in 2015by childhood friends, Alekh Sanghera and Mehtab Singh Hans, FarMart’s tech platform enables food businesses to source quality and produce 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 scaled itself as the top agri-retailer SaaS tool, with 60,000 retailers serving two million farmers through its mobile app. It is also ramped up its output linkage offering, distributed through its app users, to over 600 Indian districts, with 75,000 metric tonnes of high-quality produce, sourced across over 15 commodities to date.