MeraTractor Secures INR 5 Crore In Pre-Series A Funding The newly raised funds will be utilized in increasing dealership network presence and enhancing technology to organize supply channels
By Teena Jose
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Meratractor, a Pune-based startup and a 'Phygital' marketplace catering to farm mechanization products, has raised INR 5 crore in pre-Series A funding, bringing total capital raised to INR 7.25 crore post this round. The funding round was led by Vibhor Sahare, (CEO and co-founder of ANS Commerce and Ex-CEO and co-founder of Gaadi.com), Real Time Angel Fund and Digital Futuristic Angels Network. The round also witnessed participation from Gaurav Gupta (CEO, Adani Capital), Shashank Kumar (co-founder, Dehaat), Amrendra Singh (co-founder, Dehaat), Avinash Kumar (founder, Credenc), Arvind Kumar - business head of agri-division at Force Motors and Ex-CEO of Trringo (M&M group company) and Lemkin India among others. The newly raised funds will be utilized in increasing dealership network presence and enhancing technology to organize supply channels.
"There has been significant work in crop cultivation, in ensuring better yield, farm-gate solutions and a push from the government to improve farmer income. However, farm mechanization for Indian farmers, of which over 85% are smallholders, has been vastly missed out because of purchase capabilities. This creates challenges starting from discovery, financing facilities, and other key milestones in the process, making it difficult for an unassuming farmer. As a solution, MeraTractor is looking at bridging the gap between a smallholder farmer and access to farm mechanization / financial products," said Sajith Abraham, co-founder, MeraTractor.
Agritech startup, MeraTractor is trying to create an entire ecosystem to become a one-stop solution for all stakeholders engaged in the farm mechanization sector. Despite being asset-light, the company, which is a dealer-owned and company-operated model, controls the entire transaction and creates a sustainable business proposition for farmers, dealers, financiers and new tractor OEMs, according to a statement by the company.
"The farm mechanization sector is on the verge of massive disruption and has created an environment for innovation that will help startups like MeraTractor address the inefficiencies in the sector. We believe farm power is an essential input in agriculture; hence, we are excited about the fundraise as it will help us to accelerate our journey in growing the network further by tapping into massive rural business opportunities that lie ahead," said Monak Gohel, co-founder, MeraTractor.
