The fresh cash will be used to further accelerate the startup’s attempts to optimize its current supply chain. FarMart, founded in 2015, enables 2,000+ food brands acquire food commodities directly from their network of over 3 million farmers. Funded by General Catalyst, Matrix Partners, Omidyar Network, and Avaana Capital, the startup has raised over $44 million to date.
FarMart, a B2B food supply network, has raised Rs 24 crore from Switzerland-based asset manager ResponsAbility Investments for its SaaS technology. Matrix Partners India and General Catalyst are two former investors. The financing is intended to prevent food loss and waste in India.
FarMart, an agritech firm, claimed it raised Rs 24 crore from Switzerland-based asset manager ResponsAbility Investments.
According to Tracxn data, the Mumbai-based startup, which operates a food supply platform, previously raised $48 million (about Rs 400 crore) from investors such as General Catalyst, Matrix Partners India, and Omidyar Network India. FarMart provides software-as-a-service to help food businesses source produce.
According to the company, it collaborates with over 2,000 food manufacturers and brands, three million farmers, and 400 factories across six countries, and has a catalogue of approximately 90 food commodities.
“We are happy to be working with FarMart to reduce food loss and waste in India, as their technical solutions are critical for effective supply chain and logistics. Food systems account for one-third of worldwide GHG (greenhouse gas) emissions, with significant losses occurring at the upstream and midstream levels,” said Neha Baid, ResponsAbility Investments’ head of sustainable food debt in APAC.
FarMart, founded in 2015 by Alekh Sanghera, Mehtab Singh Hans, and Lokesh Singh, is an agritech firm that enables major food brands to purchase food commodities directly from farmers. It uses its network of 3 million farmers to assist more than 2,000 food producers in six countries in obtaining 90+ food commodities.
FarMart had secured $32 million (Rs 244 crore) in a March 2022 fundraising round headed by General Catalyst, with participation from Matrix Partners India and Omidyar Network India.
“Sustainability is important to our business, and ResponsAbility’s strong sustainability attitude and skills help us achieve it. Their funding enables us to accelerate our work toward a carbon-efficient food supply chain, ultimately achieving our goal of a food-secure world,” stated Alekh Sanghera, CEO of FarMart.
It also uses AI to do quality checks and emphasises traceability throughout the value chain. The B2B startup promises to serve clients from Asia, the Middle East, and Africa.
The firm has attracted over $44 million in funding to date, with investors including General Catalyst, Matrix Partners, Omidyar Network, and Avaana Capital.
