TechnifyBiz announced today that it has raised over USD 2 million (INR 14 crore) in Seed funding from Omnivore and the Insitor Impact Asia Fund. TechnifyBiz is a digital B2B marketplace for non-perishable food commodities, including nuts, seeds, dry fruits, specialty grains, and honey.
Shashank Kumar and Harshil Mathur, co-founders of Razorpay, also invested in the round. Existing angel investors include R Narayan (Power2SME), Rajnish Gupta (Aakash Namkeen), and Indigram Labs, which have likewise served as mentors for the company.
Based in Delhi, TechnifyBiz was co-founded by Akash Sharma and Abhishek Agarwal shortly after graduating from IIT Delhi and IIT Roorkee, respectively. TechnifyBiz works closely with SME food processors and farmer groups on the supply side and wholesale buyers on the demand side. Suppliers benefit by increasing their overall value realization from more efficient processing and aggregated volumes, while customers benefit from transparent daily pricing, consistent quality, and faster delivery timelines.
Despite having never previously raised institutional capital, TechnifyBiz is tracking a monthly revenue run rate of INR 10 crore and will cross INR 75 crore of sales revenue in FY 2019-20, an increase of 5x from FY2018-19, when sales were INR 15 crore.
According to Akash Sharma, Co-Founder of TechnifyBiz, “There is massive unmet demand for high quality food commodities in India, which TechnifyBiz is helping to bridge by developing backend supply infrastructure and technology-enabled services.”
Abhishek Agarwal, Co-Founder of TechnifyBiz, noted, “We are thrilled to partner with Omnivore and Insitor. The current round of funding will help TechnifyBiz double our base of SME food processors and farmer groups across the country, and strengthen our supply clusters across Bihar, Maharashtra, Karnataka, Jammu, and Orissa.”
Commenting on the transaction, Jinesh Shah, Managing Partner of Omnivore, said “We are very inspired by TechnifyBiz’s supplier focus, which is creating tremendous value for farmer groups and SME food processors. Omnivore is excited to support the TechnifyBiz team as they organize value chains in their targeted food commodities.”
Abhijit Nath, Country Manager of the Insitor Impact Asia Fund, likewise added, “We believe TechnifyBiz has the ability to create a scalable, high impact business that is focused on reducing inefficiencies in the agricultural supply chain. Insitor is very excited to partner in this journey, in what will be our first agricultural investment in India.”
About TechnifyBiz: TechnifyBiz is a digital B2B marketplace for non-perishable food commodities, including nuts, seeds, dry fruits, specialty grains, and honey. For further information on TechnifyBiz, please visit: http://technifybiz.com
About Omnivore: Omnivore is a venture capital firm, based in India, which funds entrepreneurs building the future of agriculture and food systems. For further information on Omnivore, please visit: http://omnivore.vc
About Insitor: Insitor invests venture capital funding into start-ups throughout emerging and frontier Asian markets. We invest with the rigor and discipline of a for-profit venture capital fund with the expectation of maximizing social impact, while providing patient and responsible financial returns. For further information on Insitor, please visit: http://www.insitorpartners.com/