Gurgaon-based agritech startup Crofarm has successfully raised a whopping Rs 5 crore in a pre-Series A round. The investment round which saw the participation of angel investors Rajan Anandan, Google India MD, and Jitendra Gupta, and PayU India MD, among others was led by US-based venture development firm Factor[e] Ventures.
The 2016 founded startup, which connects farmers and retailers, raised its seed round from Pravega Ventures, an early stage Venture Capital fund focused on providing seed and pre-Series A funding to companies. According to VCCEdge, the data research platform of VCCircle, Crofarm had raised $1.5 million in the seed round it raised in July last year.
Crofarm’s latest pre-Series A investment was made via online deal-making platform LetsVenture.
The agritech startup sells fruits and vegetables directly sourced from farmers through its app. It primarily operates in Delhi-NCR region, where it is currently serving more than 100 small and medium retailers through its multiple distribution centres. It is connected to farmers across Delhi, UP and Haryana. Crofarm’s app also keeps a track of retail-ordering behaviour and predicts demand using machine-learning, guiding customers on the right order size.
According to a statement given by Satyajit Suri, country director for Factor[e]’s India operations, Crofarm’s combination of smart logistics and sophisticated technology allows reduction of post-harvest losses by 30 per cent, and its asset-light business model allows itself to scale around the country.
India’s agri-tech space has seen a lot of activity off late. In January this year, Mumbai-based RML AgTech Pvt. Ltd, which provides support services to farmers via mobile phones, raised Rs 27.2 crore from its existing investor IvyCap Ventures. Then in March, Gurgaon-based FarMart, a renting platform for farm equipment, received an undisclosed investment from Indian Angel Network (IAN).