FarMart, a business-to-business (B2B) food supply platform, has raised Rs 24 crore in funding from Switzerland-based asset manager ResponsAbility Investments, the company announced.
According to data from Tracxn, FarMart has now raised $48 million from investors, including General Catalyst, Matrix Partners India, and Omidyar Network India.
FarMart provides software-as-a-service (SaaS) that helps food businesses source produce. The company works with over 2,000 food manufacturers and brands, 3 million farmers, and 400 factories across 6 countries. Additionally, it offers a catalog of over 90 food commodities.
“We are proud to drive reduction in food loss and waste in India through our partnership with FarMart, whose technological solutions are crucial for efficient supply chain and logistics. Food systems account for a third of global GHG emissions, with major losses occurring at upstream and midstream levels,” said Neha Baid, head of sustainable food debt for APAC, ResponsAbility Investments.
In March 2022, the firm raised $32 million (Rs 244 crore) in a funding round led by General Catalyst, with Matrix Partners India and Omidyar Network India also participating.
“Sustainability is at the core of our business, and ResponsAbility champions our goal with its strong orientation and expertise in sustainability. Their investment empowers us to accelerate our efforts towards a carbon-efficient food supply chain and ultimately achieve our vision of a food-secure world,” said Alekh Sanghera, chief executive and co-founder of FarMart.
