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B2B food supply marketplace FarMart raises $32-M from General Catalyst, Matrix, Omidyar

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Gurugram-headquartered, B2B food supply platform FarMart has raised USD 32 million in a Series B round led by General Catalyst, with participation from existing investors, Matrix Partners India and Omidyar Network India. The firm would use the funds to fuel the growth of its digital distribution network across India and to export markets, as well as towards R & D. This fundraise comes a few months after the firm's USD 10 million Series A in October 2021 and brings the total capital raised by the company to USD 48 million. The company had raised INR 51.81 lakh in the last tranche of its Series A round from Panacea Investments at a post money valuation of INR 247 crore in the second week of February. The three co-founders Alekh Sanghera, Mehtab Hans and Lokesh Singh have already diluted their collective holding to 26.5% before allotment of shares to General Catalyst and other Series B investors. FarMart claims to have enrolled over 60,000 retailers and 2 million farmers in 600 districts. Its B2B product is essentially a digitization of agricultural supplies and produce, putting buyers and sellers located near each other in touch. It has also provided loans for smallholding farmers with land less than 2 hectares. Its business partners include Brittania and ITC.