Gurugram based SaaS-based food supply platform FarMart has raised Rs 84 crore (approx $10 million) through a mix of equity and debt funding.
FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows.
According to the filing, FarMart has given Stride and Trifecta Venture non-convertible debentures worth Rs 40 crore in addition to equity capital.
According to papers, the funding will be used for general corporate objectives, growth, and expansion.
Founded in 2015 by Alekh Sanghera & Mehtab Hans. FarMart is India’s leading SaaS-B2B food commerce platform serving Asia, the Middle East, and Africa. We are revolutionizing food sourcing and processing by making it faster, more efficient, and more sustainable for humanity. FarMart is dedicated to building The Good Food Economy.
The company has a strong retailer network across central and northern India.
With the help of current investors Z47 and Omidyar Network India, as well as a $32 million Series B investment headed by General Catalyst, the company has received over $60 million to date.
FarMart reported a net loss of Rs 68 crore for FY24, despite its operating income increasing 30% year over year to Rs 1,341 crore, according to TheKredible. The company’s principal investors include Z47, ON Mauritius, and GC India Investment Holdings Group.
