Agritech startup AGRIM raises $17.3 Mn in Series B round

AGRIM, a B2B platform for agri-inputs, has secured $17.3 million in its Series B funding round led by Asia Impact, with participation from existing investors such as Kalaari, India Quotient, Omnivore, and Accion Venture Lab.

AGRIM will use the funds to strengthen its technology, enhance its offerings, and expand operations to become the preferred partner for agri-input retailers and manufacturers across the country, the company said in a press release.

In February 2022, Kalaari led a $10 million Series A round for the Gurugram-based startup.

Founded in April 2020 by Mukul Garg and Avi Jain, AGRIM connects retailers directly with manufacturers, providing solutions for distribution, credit, logistics, and marketing. It operates across various agri-input categories, including seeds, fertilizer, crop protection, animal nutrition, and farm implements.

The platform currently offers more than 30,000 SKUs from 1,200 manufacturers to 25,000 retailers, who serve and educate 15 million farmers.

AGRIM employs a pricing intelligence model to set appropriate prices for products from manufacturers, with the firm taking a margin ranging from 10% to 70%.

According to startup data intelligence platform TheKredible, the company registered more nearly 2.5 fold jump in its operating revenue to Rs 157.36 crore in FY23 from Rs 64.6 crore in FY22. During the period, its losses surged 64% to Rs 28 crore. It is yet to file annual financial results for FY24.

AGRIM's $17.3 million funding is among the highest for agritech startups this year. Last month, Arya.ag raised $29 million while Superplum raised $15 million. The decline in agritech funding is evident from the fact that startups in the space have managed to raise only $150 million across more than 30 deals as of August 30.