FAARMS, a rural-tech startup has raised $10 million in its latest funding round from global investors- Dr. Cornelius Boersch from Conny & Co. and Koh Boon Hwee.
The funding round also saw participation from Apoorva Ranjan Sharma from Venture Catalyst and Ramit Mittal from Bharti Family.
The startup plans to use the funds to expand its geographic footprint in India, grow its supply and distribution channels, recruit and advance its technology infrastructure.
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The Bengaluru-based FAARMS was founded in January 2020 by Taranbir Singh and Alok Duggal, It provides end-to-end solutions for rural households, ranging from door-step delivery of agricultural inputs to insurance to banking services.
It has also partnered with Bharat BillPay to help Indian farmers make recurring payments like water, gas and electricity bills, loan payments and insurance premium payments.
Apart from this, it also helps farmers to buy products including seeds, animal feed and farm equipment. Later, it delivers its products to the customers’ doorsteps through its logistics network.
“Our goal is to create the ultimate digital platform enabling seamless, profitable and effective functioning of rural households so as to improve their incomes and standards of living. Our recent studies across multiple states covering more than 200 villages have shown higher double-digit growth in disposable income by using quality agri inputs. We are working towards doubling farm income along with other multiple stakeholders,” Taranbir Singh, co-founder, Faarms, said.
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“The funds will mostly be used to expand our presence to 12 states across the country. We currently operate in over 50,000 villages in some of the most important agricultural states, and plan to expand to 100,000 villages by the end of 2022. Our goal is to consistently provide innovative solutions to the farming community across rural supply chain. These funds will be used to catalyze our expansion to newer regions and deepening across existing markets,” said Alok Duggal, co-founder, Faarms.
Serial entrepreneur and business angel, Dr Cornelius (Conny) Boersch, said, “I have invested in more than 400 startups globally, but I have never seen a company with a higher market potential than FAARMS. It comes at a perfect time. The Indian agricultural market is a blue ocean and ripe for disruption. Rural parts of the country are significantly underserved–not just in India but in South Asia as a whole. FAARMS’ impressive growth shows that it has hit a nerve. I’m very excited about the future of the company as the team continues to scale the business and execute on its mission to better the lives of the rural community in India and beyond.”
In 2021, FAARMS had raised $2 million in its seed funding round from Koh Boon Hwee and Dr Cornelius Boersch from Conny & Co.
FAARMS founded by Mr Taranbir Singh and Mr Alok Duggal in the year January 2020. Faarms is Bangalore-based Agri Tech, an interactive digital Agri platform catering to the needs of farmers through various channels such as E-commerce, Faarms TV and Faarmoji amongst others.
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It’s a one-stop solution for farmers & provides a complete spectrum of products and services, including seeds, bio-fertilizers, agrochemicals, animal feed, agri equipment & implements and more, delivered direct to the Farm place. Faarms TV is a knowledge-exchange platform which provides best practices related to farming and agri allied activities such as dairy and poultry, based on the guidance & expertise of agri scientists and progressive farmers.
The platform offers multilingual videos covering a wide range of topics related to agricultural products and practices. Faarms is one of the fastest growing Agri Tech Company in Bangalore, India.