Early-stage venture capital firm Auxano Capital has announced its latest investment in agricultural procurement marketplace Faarms.
Auxano’s investment is a part of the $10 million funding raised by Faarms in the current round.
Faarms plans to utilise the funds to expand its geographic penetration and build a robust technology stack, as per a company statement.
The Bangalore-based startup conducts door-step delivery of seeds, fertilisers, cattle feed, chemicals and agricultural products to the farm gate. The platform has a tech-enabled value chain on the in-built application that features everything from ordering and logistic tracking to easy payments, the statement added.
Faarms claims to have recorded 13X growth year-on-year, and delivered 4,62,000 goods to 86% of its repeat customers. The company has raised $12M to date, including the $10M raised in the current round of funding.
“The idea of providing an all-in-one online marketplace to buy, pay and track orders will revolutionise the agricultural industry and empower farmers to get the best quality products on time to increase their productivity. We look forward to Faarms creating disproportionate value for their customers and investors on board,” said Brijesh Damodaran, co-founder & chief investment officer at Auxano Capital.
“Through this funding, we can further strengthen our commitment to providing a one-stop solution to the complex problem of making farming essentials available at the doorsteps by being fully digitised with an integrated model for seamlessly connecting factories and farms,” said Taranbir Singh, CEO and co-founder Faarms.
