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Agritech firm FAARMS raises USD 2 mn for expansion

Agritech firm FAARMS raises USD 2 mn for expansion

Funding News

Agritech firm FAARMS raises USD 2 mn for expansion

Agritech startup Faarms has raised USD 2 million (around Rs 14 crore) as seed funding from investors for expansion. The round was led by Koh Boon Hwee and Dr Cornelius (Conny) Boersch among other angel investors, the company said in a statement. Faarms is a one-stop online shop to access at the click of a button a huge inventory of certified products to be delivered to the farmer’s doorstep with cashless payment options.

Faarms has 8 lakh subscribers and delivers to 20,000 villages in over 200 pin codes. “Faarms was conceived with the aim to build an e-marketplace for the farming community of our country with the idea to help a kisaan purchase inputs from some of the best-known brands in the world and obtain crop-related advice at the click of a button, sitting at home,” said Taranbir Singh, Co-founder and Chief Executive Officer Faarms.

Also read: Fintech startup Zeni gets USD 34 mn from Elevation Capital, others

The company aims to bring financial inclusion and spread digital literacy to rural India by helping farmers adopt digital payment with the help of on-ground staff, he added.

The fund we have raised will be used to expand our footprint in North-Eastern, Central and Southern states of India,” said Alok Duggal, COO, and Co-founder at Faarms. Besides, he said, the company is looking to add new product segments and services for the farmers as well, deploying advanced technologies for seamless functioning of the multilingual platform making it easier for the farmers to access information .



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