FarMart: Leading SaaS-Based Food Supply Platform Raises Rs 84 Crore
FarMart, a prominent SaaS-based food supply platform, has successfully raised Rs 84 crore (approximately $10 million) through a combination of equity and debt funding.
The platform has issued 977 Series C CCPS at a rate of Rs 4,52,182 per share, with GC India Investment Holdings spearheading the funding round by contributing Rs 43 crore. Matrix Partners India (Z47) also participated, contributing Rs 1 crore, as revealed in a regulatory filing sourced from the Registrar of Companies (RoC).
In addition to the equity funding, FarMart has mobilised non-convertible debentures from Stride and Trifecta Venture, amounting to Rs 40 crore, according to the filing. The allocated funds are intended for enhancement, expansion, and general corporate initiatives.
Startup Superb estimates that FarMart’s valuation stands at around Rs 1,800 crore (approximately $210 million) following the recent funding round.
FarMart operates a B2B platform aimed at digitising the supply chain for agricultural products and inputs, thereby connecting local buyers and sellers. This innovative approach significantly lowers the logistics expenses typically associated with long-distance transportation. While the company boasts a robust retailer network across central and northern India, its reach in southern states and Jammu & Kashmir is currently limited.
To date, FarMart has raised over $60 million, including a notable $32 million during its Series B round led by General Catalyst with involvement from returning investors Z47 and Omidyar Network India.
Numerous sources indicate that FarMart’s operating revenue escalated by 30% year-on-year, reaching Rs 1,341 crore in FY24, despite reporting a net loss of Rs 68 crore during the same fiscal period. Key investors in the company include GC India Investment Holdings Group, Z47, and ON Mauritius.
FarMart faces competition from various players in the market, including Info Edge-backed Gramophone, Kalaari-backed Agrim, Krishify, among others.