To use funds for investment in R&D, automation and technology
Agri-tech start-up FarMart has raised $32 million (₹244 crore) in Series B round led by General Catalyst. Existing investors Matrix Partners India and Omidyar Network India also participated in the round. The start-up will use these funds to invest in R&D, automation and technology.
Founded in 2015, the SaaS-led food supply platform enables food businesses to source quality produce in large quantities directly from the farmgate. It also helps retailers procure commodities from farmers. At the same time, the agri-retailers network provides farmers with information and market linkages.
FarMart said it has scaled up its output linkage offering, distributed via its app users, to over 600 districts in India with 75,000 metric tonnes of high-quality produce sourced till now across over 15 commodities.
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Image credit: The Hindu Business Line