Rural vehicle marketplace Tractor Junction on Thursday announced that it has raised USD 5.7 million in a seed round co-led by Info Edge Ventures and Omnivore. The financing round also saw the participation from existing investors AgFunder GROW Impact Fund and Rockstart AgriFood Fund, alongside angels including Vikram Chopra & Mehul Agrawal – the co-founders of Cars24, Vellayan Subbiah & Arun Venkatachalam from the Murugappa Group, and Sanjiv Rangrass.
In its press release, the Noida-based company said it plans to use the proceeds for talent acquisition, development of financial services, and launching physical stores for used tractor transactions across northern India.
Founded in 2019 by Animesh Agarwal, Rajat Gupta, and Shivani Gupta, Tractor Junction is a domestic digital marketplace to buy, sell, finance, and insure new and used tractors, farm equipment, and rural commercial vehicles. In last two years, the platform witnessed seven-fold growth in annual revenues and has remained operationally profitable. In December 2021, the company acquired rival marketplace TractorGuru, a farm machinery portal. In the last 12 months, the Tractor Junction portal had over 30 million unique visitors, and the brand has rapidly gained prominence in rural India. The startup has also created over 1 million hours of original content shared across YouTube and other social media.
Commenting on the fundraise, Rajat Gupta, co-founder of Tractor Junction, said, “The rural vehicle ecosystem is at the cusp of a digital revolution and our team at Tractor Junction are excited to tackle the opportunity that lies ahead. We are humbled to have the confidence of marquee investors like Info Edge and Omnivore who bring vast experience of building scalable businesses.”
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Kitty Agarwal, partner at Info Edge Ventures, said, “The used tractor and farm equipment market is highly unorganized with a lack of established sales channels. As a result, farmers struggle with access to quality information and inventory for a relatively high value purchase. Tractor Junction is bringing convenience, transparency, and affordability to the farm equipment buying process, thus empowering farmers and creating a winning ecosystem for all stakeholders.”
