Mumbai-based agri-tech startup FarmLink has raised $3 million led by Switzerland-headquartered Pioneering Ventures and agrochemical firm Syngenta.
The startup will deploy the proceeds to expand its geographical reach in South India and the North as also strengthen its technology and analytics capabilities in the supply chain.
“There will be smaller satellite collection centres which will support the (existing 4) mother distribution centres and they would be allied to the existing centres in south India,” said Sreeram Chellappa, COO at FarmLink, reported ET.
Incubated by Pioneering Ventures in 2014, the startup controls end-to-end supply chain of fruits & vegetables, including procuring directly from farmer group organisations through a network of collection and service centers and delivering produce to industrial scale off-takers including modern retail stores, quick service restaurant chains, industrial processors and e-commerce food platforms.
FarmLink currently has 4 distribution cum collection centres across Maharashtra, Telengana, and Karnataka and procures supplies from over 700 farmers. It counts Star Bazaar, Vista Processed Foods which services McDonald’s and other popular hyperlocal and supermarket chains as its clients.
The startup aims to increase its supply with access to over 3,000 farmers and intends to bring on board about 40-50% of the farmers over the next year, and also targeting an aggressive 4x-5x growth in revenues for FY19.
Last week Delhi-based Agriculture supply chain technology startup Gobasco raised an undisclosed amount in Seed funding from Matrix Partners India.
Prior to that, Bengaluru-based agritech startup Gold Farm raised a seed fund of $2 million from Mahindra Group and venture capital fund Infuse Ventures.
Last month, another Bengaluru-based Farm Taaza, a fresh produce supply management company, raised $8 million in its series-A round of funding led by Hong Kong-based Epsilon Venture Partners.