Agri-tech SaaS startup FarMart raises $10 mn from Matrix, Omidyar, others

The funds raised will be used to expand FarMart’s distribution network across the country, scale product capabilities as well as grow the team, the statement added. FarMart’s tech platform enables food businesses to source quality produce in large quantities directly from the farmgate at cheaper pricing and a faster turn-around-time. It also 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. Sudipto Sannigrahi, vice-president, Matrix India, said, “FarMart’s tech-led scalable model makes them well-positioned to disrupt the $300B+ Agriculture market and their extremely strong growth over the last six months is a testament to their model and execution..." Shruti Srivastava, principal, Avaana Capital, said, “Digitisation of agricultural value chains has the potential to improve access to inputs for farmers and enhance market access and realisations for output. The companys progress has been a strong validation of this approach and we continue to be bullish on the teams ability to build a game-changing business here.” FarMart is among several startups in the larger agri-tech segment to pull in funding from strategic players and investors.