FarMart Raises INR 84 Cr in Mixed Funding Round for Growth and Expansion The funds will be used for business growth, market expansion, and general corporate purposes, aligning with the company's vision to strengthen its footprint across existing and new geographies.
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SaaS-based food supply platform FarMart has raised INR 84 crore (approx. USD 10 million) in a mix of equity and debt funding. The equity portion saw GC India Investment Holdings lead with INR 43 crore, followed by Matrix Partners India (Z47) with INR 1 crore.
On the debt side, Stride Ventures and Trifecta Venture infused INR 40 crore via non-convertible debentures, as per the company's regulatory filings with the Registrar of Companies.
The funds will be used for business growth, market expansion, and general corporate purposes, aligning with the company's vision to strengthen its footprint across existing and new geographies.
With this round, FarMart's post-money valuation stands at around INR 1,800 crore (USD 210 million), according to estimates by Entrackr.
Founded in 2015 by Alekh Sanghera and Mehtab Hans, FarMart operates a SaaS-based B2B food commerce platform that serves markets across Asia, the Middle East, and Africa. The platform digitises the agricultural supply chain by connecting nearby buyers and sellers, effectively reducing logistics costs and inefficiencies tied to long-distance transportation.
FarMart's services include streamlined procurement, logistics optimisation, and data-driven insights for agricultural stakeholders. The company boasts a robust network of retailers across central and northern India, although its penetration in the southern states and Jammu & Kashmir remains limited.
To date, FarMart has raised over USD 60 million, including a USD 32 million Series B round led by General Catalyst, with backing from Z47 and Omidyar Network India.
In FY24, FarMart's operating revenue rose 30% year-on-year to INR 1,341 crore, though it reported a net loss of INR 68 crore. Its key rivals in the agri-tech space include Gramophone (Info Edge-backed), Agrim (Kalaari Capital-backed), and Krishify.
