InvestorQ : Can you tell me about the fund raising just completed by Farmkart in the start-up market?
Mitali Bhutta made post

Can you tell me about the fund raising just completed by Farmkart in the start-up market?

Answer
image
4 months ago
Follow

It is normal to see start ups based out of Bengaluru, Hyderabad, Pune and Gurgaon but relative rare to find such start ups in Madhya Pradesh. Farmkart is one such start-up which is an agritech start-up offering a wide range of agricultural products and services to farmers.

Farmkartā€™s ecommerce platform is now planning to raise Rs.90 crore in Series A funding from venture capitalists for expansion across the country as part of an aggressive plan. Famrkart is already functioning at 1240 locations and it plans to use the funds to expand its presence to 8000 locations in all. The start-up had invested Rs.15 crore to begin with.

Farmkart offers a simple technology solution designed to cater to non-tech savvy farmers providing them with fertilisers, pesticides, fungicides, seeds, farm equipment at their doorstep without an any additional delivery cost. Farmkart already has tie-ups with top brands for its e-commerce platform.

Farmkart will offer products based on the UIC or unique identity code which is India's first digital agronomist. That is a card with a 9-digit identity, which helps a farmer select a product based on his or her farm profile. UIC is like a smart code so it can also be recharged with any amount to fund purchases. It is simple as farmers only need to punch 9-digit code.

There will also be a major manpower expansion. The people count is likely to increase from 102 people directly working for Farmkart to 3100 workforce in marketing, sales, software, business development, agronomics etc. They also propose to run Farmkart like a true blue business with a full fledged sales force.

2 Views