Ayekart Secures USD 5.5 mn in Debt & Equity to Support Growth

Ayekart, an agri-fintech startup, has received USD 5.5 million in funding from Siply, a fintech platform, and Caspian Debt, a corporate lending financial institution. The latter provided approximately USD 2.5 million in debt financing, while the former provided approximately USD 2.8 million in equity financing.

Ayekart will use the new funds to financially and technologically support the expansion of established companies in the food and agri industry.

Ayekart, which was founded in December 2020, began commercial operations in September 2021. The platform aims to boost traditional businesses and the agri-value chain by leveraging technology, finance, and supply chain management.

According to the company, it had a positive PAT (profit after tax) of INR 139.5 Cr in FY22 and a high Gross Transaction Value (GTV).

"The company constantly thrives to enable the best of its services through finance, technology, and services for the betterment of FPOs, farmer communities, and traditional businesses," said Debarshi Duttam, CEO and co-founder of Ayekart.

"The firm will use the funding to strengthen its ecosystem in order to meet the needs of small and traditional vendors, dealers/distributors, farmer communities, millers, processors, distributors, and retailers," he added. Ayekart is currently active in 13 different states. It plans to enter the export market by the third quarter of 2022. It aims to make ten million traditional businesses financially and technologically viable.