Auxano Capital invests in Agri procurement marketplace Faarms
Auxano Capital, an early-stage (seed to Series A) venture capital firm, has announced its latest investment in Faarms, a new-age digital platform delivering seeds, biofertilizers, agrochemicals, animal feed, agri-equipment & implements, and financial products straight to farmers’ doorsteps. Auxano’s investment is a part of the $10 million funding raised by Faarms in the current round. The company plans to utilize the funds to expand its geographic penetration and build a robust technology stack.
Founded by Mr Taranbir Singh and Mr Alok Duggal in January 2020, Faarms is a Bangalore-based Agri-tech interactive Digi-Agri platform that conducts door-step delivery of seeds, fertilizers, cattle feed, chemicals and Agri products to the farm gate. The platform has a tech-enabled value chain on the in-built application that features everything from ordering and logistic tracking to easy payments. Faarms has recently integrated Agri and FinTech within its ecosystem, allowing access to Banking, Insurance and Credit.
As an input marketplace, Faarms also functions as a multilingual knowledge platform enabling Indian farmers to achieve higher productivity levels and lower costs in an eco-friendly manner. So far, Faarms has recorded 13X growth YoY, and delivered 462K goods to 86% of its repeat customers. The company has acquired $12M to date, including the $10M raised in the current round of funding.
Speaking on the funding round, the spokesperson of Auxano Capital said, “With times changing, Indian farmers require a suitable, affordable and trusted marketplace for purchasing the necessary raw materials to fulfill their tasks. What Faarms is doing is truly exceptional. The idea of providing an all-in-one online marketplace to buy, pay and track orders will revolutionize the agricultural industry and empower farmers to get the best quality products on time to increase their productivity. We look forward to Faarms creating disproportionate value for their customers and investors on board”.
Sharing his views on fundraising, the spokesperson of Faarms said, “At Faarms, we are proud to be the first platform to deliver up to 50 Kg bags of Agri products direct to the farmers’ doorstep at a cost that maintains profitability on each transaction. Through this funding, we can further strengthen our commitment to providing a one-stop solution to the complex problem of making farming essentials available at the doorsteps by being fully digitized with an integrated model for seamlessly connecting factories and farms. We look forward to a fruitful association with Auxano Capital and their expertise in shaping our future endeavors within the agriculture segment.”
Felix Advisory acted as the financial advisor to the transaction.
Incorporated in 2016, Auxano Capital is the brains behind experienced investment professionals Brijesh Damodaran and Ashish Padiyar. The VC firm looks forward to investing and partnering with committed entrepreneurs from various sectors including agriculture, deep tech, enterprise SAAS, fintech, edtech, healthcare . Intending to drive entrepreneurship, innovation and growth, the firm has a hands-on investment approach to ensure optimum outcome for ambitious companies and enabling them to reach newer heights.