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FarMart bags $10 Mn through equity and debt funding

EntrackrEntrackr · 3m ago
FarMart bags $10 Mn through equity and debt funding
Medial

FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore. SaaS-based food supply platform FarMart has raised Rs 84 crore (approx $10 million) through a mix of equity and debt funding. FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Besides equity funding, FarMart has issued non-convertible debentures to Stride and Trifecta Venture, totaling Rs 40 crore, the filing shows. The company will use the funds for growth, expansion, and general corporate purposes, as per filings. Entrackr estimates that FarMart has been valued at around Rs 1,800 crore (around $210 million) post-allotment in the latest funding round. FarMart’s B2B platform digitizes the supply chain for agricultural inputs and produce, connecting nearby buyers and sellers to reduce logistics costs associated with long-distance transportation. The company has a strong retailer network across central and northern India, though its presence remains limited in southern states and Jammu & Kashmir. The company has raised over $60 million to date, including its $32 million Series B round led by General Catalyst, with participation from existing investors, Z47, and Omidyar Network India. According to TheKredible, FarMart’s operating revenue grew 30% year-on-year to Rs 1,341 crore in FY24, while it reported a net loss of Rs 68 crore for the same period. GC India Investment Holdings Group, Z47, and ON Mauritius are among the company’s lead investors. Farmart directly competes with Info Edge-backed Gramophone, Kalaari-backed Agrim, Krishify, and others.

FarMart raises funds from Swiss-based ResponsAbility Investments

EntrackrEntrackr · 1y ago
FarMart raises funds from Swiss-based ResponsAbility Investments
Medial

SaaS-based food supply platform FarMart has raised Rs 24 crore ($2.8) million as part of a new round from Swiss asset manager ResponsAbility Investments. The fresh investment has come after a gap of more than two years for the Gurugram-based company. FarMart will use the fresh proceeds towards building a carbon-efficient food supply chain, the company said in a press release. The startup will also leverage responsAbility’s expertise to optimise its solutions. With this, FarMart has scooped up nearly $50 million to date including a $32 million Series B round in March 2022 from General Catalyst, Matrix Partners India and Omidyar Network India. As per startup data intelligence platform TheKredible, the company was valued at around $128 million during the last equity round. Interestingly, FarMart chief claimed that the firm holds $37 million in the bank as of August last year. It’s not clear why FarMart raised a modest amount despite the above claim. FarMart’s B2B product is essentially a digitization of agricultural supplies and produce, putting buyers and sellers located near each other in touch, which it says eliminates several costs involved in transporting goods across the country. The company’s retailer footprint is currently heavy in central and northern Indian states, with relatively sparser presence in the south and Jammu & Kashmir. The company claims to work with over 2,000 food manufacturers and brands, 3 million farmers, and 400 factories in 6 countries. In March 2022, it acqui-hired fruits and vegetables logistics platform Subjimandi.app to optimize its logistics and expand its product portfolio. FarMart registered an almost five-fold jump in its operating revenue to Rs 1,033 crore in FY23 from Rs 208 crore in FY22. As per TheKredible, the company’s losses surged nearly three-fold to Rs 49 crore in FY23. The firm is yet to file its annual report for FY24. As of Series B round, General Catalyst had 17.86% stake in the company followed by Omidya and Matrix which hold 13.48% and 12.7% stake respectively. Founder Alekh Sanghera owned less than 10% holding in the company. Check TheKredible for more details.

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