Food Supply Platform FarMart Raises INR 24 Cr Funding from Swiss-based ResponsAbility Investments The Gurugram-based company will use the fresh proceeds towards building a carbon-efficient food supply chain.
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B2B food supply platform FarMart has announced the raising of INR 24 crore (USD 2.8 million) in funding from Swiss asset manager ResponsAbility Investments.
This brings FarMart's total fundraising to around USD 50 million. In March 2022, General Catalyst, Matrix Partners India, and Omidyar Network India led a USD 32 million Series B financing.
According to the official release, FarMart will use the fresh proceeds towards building a carbon-efficient food supply chain. The platform will also leverage responsAbility's expertise to optimise its solutions.
"Sustainability is at the core of our business, and ResponsAbility champions our goal with its strong orientation and expertise in sustainability. Their investment empowers us to accelerate our efforts towards a carbon-efficient food supply chain and ultimately achieve our vision of a food-secure world," said Alekh Sanghera, CEO, FarMart.
Launched in 2015 by Alekh Sanghera and Mehtab Hans, FarMart is a SaaS-B2B food commerce platform serving Asia, the Middle East, and Africa.
The platform claims to work with about 2,000 food manufacturers and brands, three million farmers, and 400 factories in six countries, and has a catalogue of about 90 food commodities.
In March 2022, it acquired the fruits and vegetables logistics platform Subjimandi.app.
"We are proud to drive reductions in food loss and waste in India through our partnership with FarMart, whose technological solutions are crucial for an efficient supply chain and logistics. Food systems account for a third of global GHG (greenhouse gas) emissions, with major losses occurring at upstream and midstream levels," said Neha Baid, head of sustainable food debt for APAC, ResponsAbility Investments.
