Agritech startup Meratractor has raised Rs 5 crore in its pre-Series A round led by Vibhor Sahare, CEO & Co-founder of ANS Commerce and Ex-CEO & Co-founder of Gaadi.com, Real Time Angel Fund and Digital Futuristic Angels Network, bringing total capital raised to Rs 7.25 crore post this round.
According to MeraTractor, the funds will be used in increasing dealership network presence and enhancing technology to organize supply channels.
MeraTractor, a marketplace catering to farm mechanization products, is trying to create an entire ecosystem to become a one-stop solution for all stakeholders engaged in the farm mechanization sector. Despite being asset-light, the company controls the entire transaction and creates a sustainable business proposition for farmers, dealers, financiers and new tractor OEMs.
Its dealership network is based out of rural locations which are slated to eventually become its gateway for tapping into the entire rural business opportunities related to the farm sector.
According to Entrackr’s yearly funding report, around 60 startups in the agritech space had raised about $772 million in 2022. This is a significant jump from $636 million in 2021 and $155 million in 2020.