Total amount raised
$48.2 Millions
Latest funding date
Location
FarMart has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform is a leading SaaS-B2B food commerce solution, offering digital infrastructure, market linkages, and financial capital to food producers and processors.
Keep reading to explore the intricacies of FarMart's fundraising journey and the investors backing this innovative platform.
What Is FarMart?
Founded in 2015, FarMart is an agritech company based in Gurgaon, Haryana, India. The company was established by Alekh Sanghera, Lokesh Singh, and Mehtab Singh Hans.
FarMart leverages technology to empower farmers and optimize the agricultural supply chain. Their mission is to revolutionize the agricultural ecosystem by providing farmers with access to crucial resources, technology, and markets.
With a team of 101-250 employees, FarMart offers various products and services, including the FarMart Community App and FarMart OS, aimed at creating a sustainable and efficient agricultural supply chain.
How Much Funding Has FarMart Raised?
- Seed Round
- Amount Raised: $245K
- Date: March 2017
- Lead Investors: IAN Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial platform.
- Seed Round
- Amount Raised: $500K
- Date: September 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Grant
- Amount Raised: $100K
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development efforts.
- Seed Round
- Amount Raised: ₹177M (approximately $2.4M)
- Date: May 2021
- Lead Investors: Avaana Capital, Omidyar Network India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve market reach.
- Series A
- Amount Raised: $10M
- Date: October 2021
- Lead Investors: Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological infrastructure and expand the product portfolio.
- Series B
- Amount Raised: $32M
- Date: March 2022
- Lead Investors: General Catalyst
- Valuation at Round: Approximately $128M
- Motivation Behind the Round: To support growth and expansion, including the acquisition of Subjimandi.app.
- Debt Financing
- Amount Raised: ₹240M (approximately $2.8M)
- Date: May 2024
- Lead Investors: responsAbility Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To optimize the supply chain and create a carbon-efficient food supply chain.
Total Amount Raised: $48.345M. Current Valuation: Approximately $128M.
Key Investors
- responsAbility Investments
- Details: responsAbility Investments is a Swiss-based asset manager specializing in sustainable investments. They recently led a funding round for FarMart, raising Rs 24 crore.
- Investment Focus Areas: Sustainability, carbon-efficient supply chains, food systems.
- Notable Investments: Not publicly disclosed.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. They led FarMart's $32 million Series B round in March 2022.
- Investment Focus Areas: Technology, innovation, growth-stage companies.
- Notable Investments: Airbnb, Stripe, Snap.
- Matrix Partners India
- Details: Matrix Partners India is a venture capital firm focusing on early-stage investments in India. They participated in FarMart's $32 million Series B round.
- Investment Focus Areas: Technology, consumer sectors, early-stage companies.
- Notable Investments: Ola, Practo, Quikr.
- Omidyar Network India
- Details: Omidyar Network India is an investment firm that supports innovative organizations aiming to create social impact. They were part of FarMart's $32 million Series B round.
- Investment Focus Areas: Social impact, education, financial inclusion, governance.
- Notable Investments: 1mg, Dailyhunt, Aspiring Minds.
- IAN Group
- Details: IAN Group is an angel investment network that supports early-stage startups. They led FarMart's initial seed round, raising $245K in March 2017.
- Investment Focus Areas: Early-stage startups, technology, innovation.
- Notable Investments: Not publicly disclosed.
What's Next for FarMart?
FarMart's future is brimming with opportunities, particularly in creating a carbon-efficient food supply chain. Leveraging ResponsAbility's expertise, the company aims to optimize its offerings and expand its retailer footprint in India and beyond. With a network of over 2,000 food manufacturers, 3 million farmers, and 400 factories, the potential for growth is substantial.
Future fundraising opportunities are likely as FarMart continues to scale operations and enhance technology. The company plans to raise $25-30 million in equity funding by FY25, aiming for a valuation premium over its last valuation of $140 million. This will support their expansion and sustainability goals.
However, challenges such as managing operational losses and navigating competition in the agritech sector remain. Efficient utilization of raised funds and maintaining a balance between growth and financial sustainability will be crucial for FarMart's continued success.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like FarMart and gather other critical business insights.
Sign up for free on Clay and start making data-driven decisions today.
