Rural-tech start-up Faarms raises $10 million in funding round

Rural tech start-up Faarms has raised $10 million in a recent funding round led by various global investors. 

The round was led by global investors, Dr. Cornelius Boersch, Founder of Conny & Co., Singaporean angel investor Koh Boon Hwee, along with Apoorva Ranjan Sharma, co-founder of Venture Catalyst and 9 Unicorns, and Ramit Mittal of Bharti Family, as well as other Indian and international investors. 

The funds will be used to expand the start-up’s geographical footprint in India, scale up their supply and distribution channels, recruit, and advance their technological infrastructure.

Taranbir Singh and Alok Duggal, co-founders, Faarms said, “The funds will mostly be used to expand our presence to 12 States across the country. We currently operate in over 50,000 villages in some of the most important agricultural states and plan to expand to 1,00,000 villages by the end of 2022.” The goal is to consistently provide innovative solutions to the farming community across the rural supply chain, they added. 

Pact with Bharat BillPay

Faarms recently partnered with Bharat BillPay to create a marketplace for farmers across India to manage recurring payments such as water, gas, and electricity bills, loan repayments, insurance premium payments, and certain products such as seeds, cattle feeds, and farming equipment delivered directly to their doorstep utilising the Faarms-owned and operated logistics network.

Apoorva Ranjan Sharma said,  “Faarms is a growth story every investor wants to be a part of. The company has touched on all the fundamental areas, from discovering the right people to assisting the farmer to get on the digital platform.”