Bengaluru-based Farm Taaza, a fresh produce supply chain management firm, has recently raised a whopping Rs. 52 crore ($8 million) in a Series A funding round.
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 company is founded by Silicon Valley veterans and funded by Silicon Valley angel investors.
The funding round was led by Epsilon Venture Partners, a Hong Kong-based VC funding innovation and entrepreneurship across Asia and Tara India Fund IV, which is managed by IL&FS Investment Managers, among other existing investors of the 2015 founded firm.
Currently functioning in Bengaluru, Chennai, Hyderabad and Ooty, Farma Taaza has plans of putting the capital raised to good use by expanding across South India. Some part of the money will also be utilised by the firm to make the required technological upgrades.
The Phaneesh Murthy-backed startup, which provides expert advice to the farmers on improving the yield and improving the field operations of the farmer, currently provides its services to over 1,400 farmers and supplies 150 varieties of fruits and vegetables to clients, including hotels and hospitals. Not only this, the company is also attentive about the cause of reducing wastage that comes from supplying fruits and vegetables to different destinations as much as possible.
Speaking in the light of the investment about Farm Taaza’s overall goal, 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 was founded by Kumar Ramachandran in August 2015. An alumnus of the University of South Florida, Ramachandran was earlier associated with companies such as Vignani Technologies, Applied Materials India and Hitachi Data Systems.
Commenting on his firm’s latest investment, Mahesh Vaidya, general partner, Epsilon Venture Partners, said, “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.”