SaaS-led foodtech supply platform FarMart has raised $32 million in its Series B round from General Catalyst, with participation from existing investors, Matrix Partners India, and Omidyar Network India.
The startup plans to use the funds to boost its digital distribution network across India and export markets, making significant investments in R&D, automation, and technology.
Gurgaon-based startup was founded in 2016 by childhood friends, Alekh Sanghera and Mehtab Singh Hans, FarMart is India’s first SaaS-led B2B food supply platform whose mobile app enables agri-retailers to better serve their farmers by providing them access to inputs, advisories and market linkages.
“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 Co-founder, FarMart.
With this fundraising, FarMart has raised $48 million to date. It has added 60,000 retailers to its platform serving two million farmers through its mobile app.
“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.
It has extended the output linkage offering through its app users to more than 600 districts, having 75,000 metric tonnes of high-quality products in over 15 items so far.