Ruraltech startup, FAARMS has raised $10 Mn in the latest funding round led by Dr. Cornelius Boersch from Conny & Co. and Koh Boon Hwee. Apoorva Ranjan Sharma from Venture Catalyst and Ramit Mittal from Bharti Family also participated in the round.
The funds will be used to expand Faarms’ geographical footprint in India, scale up their supply and distribution channels, recruitment, and advancing their technological infrastructure.
Founded by Taranbir Singh and Alok Duggal, the Bengaluru-based startup provides end-to-end solutions for rural households, right from door-step delivery of farming inputs to insurance to banking services, among others. It has also partnered with Bharat BillPay to help Indian farmers make recurring payments such as water, gas, and electricity bills, loan repayments, and insurance premium payments, according to the statement.
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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, in a statement.
Apoorva Ranjan Sharma, Co founder of Venture Catalyst and 9 Unicorns, commented, “Faarms is a growth story every investor wants to be a part of. The company has touched on all of the fundamental areas, from discovering the right people to assisting the farmer get on the digital platform, and is led by entrepreneurs with decades of experience in the rural, agricultural, and retail sectors, that have their finger on the agricultural community’s pulse.”
In a statement, Ramit Bharti Mittal of the Bharti Family, co-chair of the CII Regional Committee on Agriculture and Processed Foods said, “The farmers of rural India are perhaps the largest customer segment, still unable to fully benefit from the digital economy and e-commerce revolution sweeping the rest of the country. I was keen to invest in Faarms because they are solving this problem fundamentally by creating rural capacities and building market efficiencies leading to tangible value and increase in farmer income.”
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