Faarms, a Rural-tech Firm Secures USD 10 million in Funding Round
“We currently operate in over 50,000 villages across some of the most important agricultural states, with plans to expand to a total of 100,000 villages by the end of 2022," said Taranbir Singh and Alok Duggal, co-founders of Faarms.
Dr. Cornelius Boersch, Founder of Conny & Co., Singaporean angel investor Koh Boon Hwee, Apoorva Ranjan Sharma, co-founder of Venture Catalyst and 9 Unicorns, Ramit Mittal of Bharti Family, and other Indian and international investors led the round.
The funds will be used to expand the start-geographical up's footprint in India, scale up supply and distribution channels, hire new employees, and advance technological infrastructure.
"The funds will primarily be used to expand our presence to 12 States across the country," said Taranbir Singh and Alok Duggal, co-founders of Faarms. “We currently operate in over 50,000 villages across some of the most important agricultural states, with plans to expand to a total of 100,000 villages by the end of 2022."
They added that the goal is to consistently provide innovative solutions to the farming community across the rural supply chain.
Faarms recently partnered with Bharat BillPay to create a marketplace for farmers across India to manage recurring payments like water, gas, and electricity bills, loan repayments, insurance premium payments, and certain products like seeds, cattle feeds, and farming equipment delivered directly to their doorstep via the Faarms-owned and operated logistics network.
"Faarms is a growth story that every investor wants to be a part of," said Apoorva Ranjan Sharma. The company has addressed all of the fundamental areas, from finding the right people to assisting farmers in getting on the digital platform."
About FAARMS:
Faarms, founded by veteran rural bankers Taranbir Singh and Alok Duggal, is one of the fastest-growing and most impactful Agritech start-ups working at the grassroots level.
It is a one-stop online shop for farmers, offering a massive inventory of over 2500 certified products direct from the manufacturers. From seeds to agrochemicals to cattle feed and bio-fertilizer, the brand makes it all available at their doorstep with the click of a button via their multilingual app. As a result, many of the challenges faced by farmers today in the farming belt's absolute hinterland have been addressed.
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