FarMart

About FarMart

FarMart operates as a business-to-business food supply platform, leveraging technology to streamline the agricultural supply chain in India and other regions like Asia, the Middle East, and Africa. The company was founded in December 2015 by childhood friends Alekh Sanghera and Mehtab Singh Hans. Sanghera comes from a military background, while Hans grew up in a farming family, and both worked as consultants before launching FarMart. Their journey began with a mission to address the limited access to modern farm equipment for small-scale farmers, initially starting with a tractor-sharing pilot project.

After pivoting from its initial models, which included an on-demand machinery rental platform and an agri-fintech service, FarMart established its current successful model in January 2020: a SaaS-led B2B food commerce platform. This platform connects farmers to large enterprises through a network of agri-retailers. The core of FarMart's business is a micro-SaaS application that enables agri-input retailers to digitize their operations and provides them with a new revenue stream by facilitating the procurement of commodities directly from farmers. This model eliminates multiple intermediaries, which helps farmers secure better prices and reduces wastage by up to 15%.

The company serves a wide range of clients, from over 4.3 million farmers and 60,000 retailers to large food businesses and processors like ITC, Olam, and Cargill. Revenue is primarily generated through commissions on transactions facilitated by the platform. FarMart has also diversified its revenue streams through partnerships with financial institutions to offer credit to farmers and by collaborating with agricultural input suppliers. The company has expanded its offerings to include 'FarMart Pantry,' a line of processed foods, and has partnered with quick commerce platforms. Since its inception, FarMart has raised approximately $51.1 million in funding over nine rounds, with significant investments from firms like General Catalyst, Matrix Partners India, and Omidyar Network India.