Software-as-a-service (SaaS)-led food supply platform FarMart on Wednesday said it has raised $32 million in its Series B round led by General Catalyst, with participation from existing investors, Matrix Partners India and Omidyar Network India.
The startup said that it will use the funds to fuel its digital distribution network across India and to export markets, planning to make key investments into R&D, automation and technology.
“We have built a retailer-centric solution at the intersection of data, hyperlocal serviceability and underutilized assets. The entire team is driven by the ambition and opportunity to build India’s largest food supply platform,” said Alekh Sanghera, CEO and Cofounder, FarMart.
FarMart has so far raised $48 million, onboarding 60,000 retailers that serve two million farmers through its mobile app.
It has also scaled output linkage offering, distributed via its app users to over 600 districts, with 75,000 metric tonnes of high-quality produce sourced till now across more than 15 commodities.
“The fast-growing B2B platform activates critical connections between farmers and agri-retailers, enabling millions of farmers to supply fresh produce to consumers all over India,” said Deep Nishar, Managing Director, General Catalyst.
The food value chain eliminates the multiple transportation costs, spillages, and time effort involved for both the producer and the end-buyer.