Bengaluru-based rural-tech startup FAARMS has raised $10 million in a new round led by global investors including Dr. Cornelius (Conny) Boersch, Koh Boon Hwee, along with Apoorva Ranjan Sharma and Ramit Mittal of Bharti Family.
The fresh funds will be used to expand FAARMS’ geographical footprint in India, scale up its supply and distribution channels, recruitment, and advance the technological infrastructure.
Founded by Taranbir Singh, Faarms provides agricultural products online like seeds, fertilizers, cattle feed and others delivered to the farmer’s doorstep.
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 secure products such as seeds, cattle feeds, and farming equipment delivered directly to their doorstep utilizing the company’s logistics network.
Previously, FAARMS had raised $2 million in August last year. The agritech space has been steep rise in investment in the past couple of years.
Nearly 100 startups raised close to $1.33 billion across 139 deals between January 2020 and June 2022, according to a report by Entrackr. This includes around 37 deals worth $155 million in 2020, 58 deals worth $636 million in 2021 and 44 deals worth $539 million in the ongoing calendar year.