Bengaluru-based B2B agritech startup, Farm Taaza, has recently raised $8 Mn in Series A funding round led by Epsilon Venture Partners. The round saw participation from IL&FS Investment Managers’ Tara India Fund IV and other angel investors.
The raised capital will be used to scale the business expansion across southern India as well as strengthen its tech infrastructure by leveraging machine learning, artificial intelligence and data analytics, the company said in a statement.
Mahesh Vaidya, General Partner at Epsilon Venture Partners said, “The next phase of innovation in the Indian e-commerce segment is in the B2B space. The greatest potential comes from the digitisation of its supply chain – automation, data management, collaborative planning and forecasting, smart sourcing and product tracking, all of which make Farm Taaza more responsive, agile and transparent.”
Farm Taaza is a wholly owned subsidiary of Gram Suchana Solutions Pvt Ltd., Farm Taaza is a B2B (Business to Business) entity focused on increasing the value to both the farmers and their business Customers(Retail/eCommerce/Hotels,Restaurants,Corporates,Institutions).
The startup was founded in August 2015 by Kumar Ramachandran, an alumnus of the University of South Florida, who was associated with companies such as Vignani Technologies, Applied Materials India and Hitachi Data Systems in the past.
Commenting on the funding and company’s future plans, Kumar Ramachandran, CEO of Farm Taaza, said, “We want to enable a seamless supply chain from farm to store and our next focus will be to leverage machine learning, AI and data analytics for improved decision making.”
Farm Taaza currently operates in Bengaluru, Chennai, Hyderabad and Ooty, the startup claims that over 1,400 farmers supply more than 150 varieties of fruits and vegetables to it. The agritech startup receives more than 200 orders a day from suppliers and clients, which amounts to around 20 tonnes of produce daily. Around 60% of the startup’s net revenue currently comes from the neighbourhood kirana stores, with the rest contributed by bigger retail outlets.