Total amount raised
$48.2 Million
Latest funding date
5/1/2024
Location
FarMart has successfully raised funds through 10 rounds, with notable investors including Symbiotics Group, Z47, Matrix Partners India, General Catalyst, and ResponsAbility Investments. The company focuses on empowering farmers and optimizing the agricultural supply chain through its innovative SaaS-B2B food commerce platform.
Keep reading to explore the intricacies of FarMart's fundraising journey and the investors backing this transformative platform.
What Is FarMart?
FarMart, an agritech company based in Gurgaon, Haryana, India, focuses on empowering farmers and optimizing the agricultural supply chain. The company operates as a SaaS-B2B food commerce platform, serving regions including Asia, the Middle East, and Africa.
Founded by Alekh Sanghera, FarMart has an employee count ranging from 101 to 250. The company provides digital infrastructure, market linkages, and financial capital to food producers, processors, and enterprises, aiming to build a resilient, reliable, and rewarding food economy.
How Much Funding Has FarMart Raised?
- Seed Round
- Amount Raised: USD 245,000
- Date: March 2017
- Lead Investors: IAN Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Seed Round
- Amount Raised: USD 500,000
- Date: September 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market reach and enhance its technological infrastructure.
- Grant
- Amount Raised: USD 100,000
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support specific projects aimed at improving the agricultural supply chain.
- Seed Round
- Amount Raised: INR 177,000,000
- Date: May 2021
- Lead Investors: Avaana Capital, Omidyar Network India
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series A
- Amount Raised: USD 10,000,000
- Date: October 2021
- Lead Investors: Z47
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market presence and improve technological solutions.
- Series B
- Amount Raised: USD 32,000,000
- Date: March 2022
- Lead Investors: General Catalyst
- Valuation at Round: USD 128,000,000
- Motivation Behind the Round: To scale operations and acquire Subjimandi.app to enhance logistics.
- Debt Financing
- Amount Raised: INR 240,000,000
- Date: May 2024
- Lead Investors: responsAbility Investments AG
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To create a carbon-efficient food supply chain and leverage ResponsAbility's expertise.
- Debt Financing
- Amount Raised: INR 400,000,000
- Date: April 2025
- Lead Investors: Stride Ventures, Trifecta Capital Advisors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen the company's processing division and improve traceability capabilities.
- Series C
- Amount Raised: INR 440,000,000
- Date: April 2025
- Lead Investors: GC India Investment Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's operations and enhance its technological solutions.
- Debt Financing
- Amount Raised: USD 5,000,000
- Date: May 2025
- Lead Investors: Symbiotics Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and optimize the agricultural supply chain.
FarMart has raised a total of USD 50,145,000. The current valuation is USD 140,000,000.
Key Investors
- Symbiotics Group
- Details: Symbiotics Group is a leading investment firm specializing in sustainable and impact investments. They have been a key investor in multiple debt financing rounds for FarMart.
- Investment Focus Areas: Sustainable investments, impact investments, financial inclusion.
- Notable Investments: Not publicly disclosed.
- Z47
- Details: Z47 is a venture capital firm that invests in high-growth technology companies. They led FarMart's Series A funding round.
- Investment Focus Areas: Technology, SaaS platforms, innovation.
- Notable Investments: Not publicly disclosed.
- ResponsAbility Investments
- Details: ResponsAbility Investments is a Swiss-based asset manager focused on sustainable investments. They led a recent debt financing round for FarMart.
- Investment Focus Areas: Sustainability, carbon-efficient supply chains, reducing food loss and waste.
- 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 Series B funding round.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Airbnb, Stripe, Snap.
- Matrix Partners India
- Details: Matrix Partners India is a venture capital firm that focuses on early-stage investments in technology and consumer sectors. They participated in FarMart's Series B funding round.
- Investment Focus Areas: Technology, consumer services, financial services.
- Notable Investments: Ola, Practo, Dailyhunt.
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 digital platform to connect more buyers and sellers. This expansion is crucial as FarMart collaborates with over 2,000 food manufacturers, 3 million farmers, and 400 factories across six nations, indicating a significant market potential.
Future fundraising opportunities appear promising, with plans to raise $25-30 million in equity funding by the third quarter of FY25. This aligns with industry trends focusing on sustainability and carbon efficiency, making FarMart an attractive investment for funds and investors focused on ESG criteria. The company's track record of successful funding rounds further bolsters its appeal to potential investors.
However, challenges lie ahead. Managing and reducing operational losses, which surged nearly three-fold to Rs 49 crore in FY23, will be critical. Additionally, scaling operations while maintaining efficiency and sustainability, and navigating the complexities of a large supply chain, will require strategic planning and execution. Despite these hurdles, FarMart's commitment to reducing food loss and waste positions it well for continued growth and success.
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