Ayekart Secures USD 6.5 Mn in Series A Funding to Propel Agrifood Fintech Expansion

Ayekart, a prominent agrifood fintech platform, has secured USD 6.5 million (INR 53 Crore) in its Series A funding round. The investment, led by Omnivore, Siana Capital, and Unleash Capital, marks a significant milestone for the company as it gears up to expand its operations nationwide. With a focus on catering to a broader audience including Farmer Producer Organizations (FPOs), food manufacturers, distributors, and retailers, Ayekart aims to leverage this capital infusion for scaling its services.

Established in December 2020, Ayekart commenced its commercial activities in September 2021 with a modest team of six members. Over just a few years, it has witnessed exponential growth, boasting a workforce of more than 150 individuals spread across six locations. The company's core offerings revolve around providing fintech and supply chain solutions tailored to traditional businesses within the agrifood value chain.

Impressive Operational Footprint

Currently operating in 18 states, Ayekart has emerged as a frontrunner in its sector with over 9,000 active merchants utilizing its platform. The platform has facilitated more than 2.5 lakh transactions, amassing a Gross Traded Value (GTV) of over INR 21 billion. What sets Ayekart apart from its competitors is its consistent profitability since inception, a feat seldom achieved in the agritech landscape.

At the helm of Ayekart are Debarshi Dutta, Ashutosh Singh, and Milind Borgikar, individuals with diverse yet complementary backgrounds. Debarshi Dutta, the Co-Founder & CEO, brings extensive experience from the realms of banking, finance, and supply chain management. Ashutosh Singh, with over a decade of insights into Bharat's ecosystem, contributes his expertise in educational operations. Milind Borgikar, a seasoned software engineer, enriches the team with his entrepreneurial spirit and technical acumen.

A Commitment to Empowerment

Debarshi Dutta, reflecting on Ayekart's journey, emphasizes the company's unwavering commitment to positively impact the lives of smallholder farmers and agrifood MSMEs (Micro, Small, and Medium Enterprises) across India. By addressing critical pain points such as market linkages and access to finance, Ayekart aims to foster sustainable growth throughout the value chain. Through innovative fintech solutions, the company strives not only to bridge gaps in the agrifood ecosystem but also to drive meaningful change.

Jinesh Shah, Managing Partner at Omnivore, expresses confidence in Ayekart's mission to enhance farmers' lives and provide financial stability. The investment aligns with Omnivore's philosophy of supporting technological innovations aimed at empowering agrifood MSMEs. Similarly, Sohil Shah from UNLEASH Capital Partners emphasizes the importance of leveraging technology to enhance financial solutions in the B2B supply chain, underscoring the significance of Ayekart's Series A funding in advancing its market position and delivering value to stakeholders and customers.