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Wednesday, June 19, 2024

Agritech startup, Faarm gets Rs. 80 crore to expand countrywide

Agritech startup, Faarms, has secured almost Rs 80 crore in a round of funding. The money will mostly be used to increase Faarms’ footprint in 12 states nationwide

Agritech firm Faarms has received $10 million (almost Rs 80 crore) in investment from a number of private investors. The serial entrepreneur Dr. Cornelius Boersch and Singaporean angel investor Koh Boon Hwee provided the cash for the Bengaluru-based business.

Among others, Ramit Mittal of Bharti Family and Apoorva Ranjan Sharma, co-founder of Venture Catalyst and 9 Unicorns, took part in this round. The money will go into expanding staff, enhancing technical infrastructure, increasing supply and distribution channels, and broadening the startup’s global reach.

Early in 2020, Taranbir Singh and Alok Duggal established the startup. It seeks to offer a complete solution for rural households, including advice, insurance, banking, and last-mile door-step delivery of farming goods.

“The money will mostly be used to increase our footprint in 12 states nationwide. We presently serve more than 50,000 villages in some of the most significant agricultural states, and by the end of 2022, we hope to serve 100,000 villages, according to the co-founders. Recent collaboration between Faarms and Bharat BillPay has enabled farmers all throughout India to manage recurring payments including loan repayments, insurance premium payments, and the purchase of security supplies like seeds, livestock feed, and agricultural equipment that is delivered right to their door.”

“I have made investments in more than 400 startups worldwide, but FAARMS is the firm with the highest market potential I have ever come across. It arrives at the ideal time. The Indian agriculture sector is a “blue ocean” that is ready for disruption, according to one of the investors, Dr. Cornelius (Boersch.

Dr. Boersch and Koh Boon Hwee gave the startup $2 million last year. In recent years, there has been a lot of investment interest in India’s larger agritech market.

Private equity and venture capital investments in the agritech sector climbed to $329 million in 2020 from $296 million in 2019, according to a Bain analysis from the previous year. According to the report, the market for this category is expected to reach $30-$35 billion by 2025 after receiving considerable investment. The startups in this field that have received substantial funding include Ninjacart, DeHaat, WayCool, and AgroStar. Earlier this week, Vegrow, a business-to-business (B2B) agritech platform for produce, reported that its Series B fundraising round, which was headed by Prosus Ventures, had received $25 million (formerly known as Naseprs Ventures).


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