FarMart Secures INR 24 Crore Funding from Swiss Firm ResponsAbility Investments

B2B food supply platform FarMart has successfully raised INR 24 crore (approximately USD 2.8 million) in a new round of funding from Swiss asset management firm ResponsAbility Investments. This funding boost has increased FarMart’s overall fundraising to about USD 50 million, following a USD 32 million Series B round in March 2022, which was led by General Catalyst, Matrix Partners India, and Omidyar Network India.

With the new capital, FarMart plans to focus on creating a more carbon-efficient food supply chain. The company is poised to benefit from the substantial experience of ResponsAbility, particularly in optimizing sustainable operations.

Alekh Sanghera, CEO of FarPrince, expressed his enthusiasm about the partnership, noting, “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.”

Founded in 2015 by Alekh Sanghera and Mehtab Hans, FarMart aims to reshape the food commerce sector through its SaaS-B2B platform, catering to markets in Asia, the Middle East, and Africa. The platform boasts a significant engagement with approximately 2,000 food manufacturers and brands, three million farmers, and 400 factories across six countries. FarMart also maintains a catalogue featuring around 90 different food commodities.

The company has recently expanded its operational capacity by acquiring Subjimandi.app, a logistics platform for fruits and vegetables, enhancing its capabilities and reach in the perishable goods segment.

Neha Baid, head of sustainable food debt for APAC at ResponsAbility Investments, highlighted the importance of the partnership, stating, “We are proud to drive reductions in food loss and waste in India through our partnership with FarMart, whose technological solutions are crucial for an efficient supply chain and logistics. Food systems account for a third of global GHG (greenhouse gas) emissions, with major losses occurring at upstream and midstream levels.”