faarms: Rural-tech firm Faarms raises $ 10mn in recent funding round

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BENGALURU: Bangaluru-based rural-tech company, Faarms has raised $10 million in recent funding round led by investors including Cornelius (Conny) Boersch, Founder of Conny & Co., a serial entrepreneur, Singaporean angel investor Koh Boon Hwee, along with Apoorva Ranjan Sharma – co founder of Venture Catalyst and 9 Unicorns and Ramit Mittal of Bharti Family, as well as other Indian and international investors. Felix advisory acted as financial advisor for the round.
The funds will be used to expand Faarms’ geographical footprint in India, scale up their supply and distribution channels, recruitment, and advancing their technological infrastructure. Faarms aims to provide an end-to-end solution for rural households, ranging from last-mile door-step delivery of farming inputs, advisory, insurance, and banking services. 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 Faarms-owned and operated logistics network.

In a statement, Taranbir Singh, co-founder, Faarms, said, “Our goal is to create the ultimate digital platform enabling seamless, profitable and effective functioning of rural households so as to improve their incomes and standards of living. Our recent studies across multiple states covering more than 200 villages have shown higher double-digit growth in disposable income by using quality agri inputs. We are working towards doubling farm income along with other multiple stakeholders.”

“The funds will mostly be used to expand our presence to 12 states across the country. We currently operate in over 50,000 villages in some of the most important agricultural states, and plan to expand to 100,000 villages by the end of 2022. Our goal is to consistently provide innovative solutions to the farming community across rural supply chain. These funds will be used to catalyze our expansion to newer regions and deepening across existing markets,” said Alok Duggal, co-founder, Faarms, in a statement.
In a statement, Boersch, said, “The Indian agricultural market is a blue ocean and ripe for disruption. Rural parts of the country are significantly underserved – not just in India but in South Asia as a whole. FAARMS’ growth shows that they have hit a nerve.”

“This additional funding is just the beginning towards expanding their network and making their quality services accessible to a larger section of the population in the farming belts of India,” commented Hwee.

Apoorva Ranjan Sharma, Co founder of Venture Catalyst and 9 Unicorns, commented, “Faarms is a growth story every investor wants to be a part of. The company has touched on all of the fundamental areas, from discovering the right people to assisting the farmer get on the digital platform, and is led by entrepreneurs with decades of experience in the rural, agricultural, and retail sectors, that have their finger on the agricultural community’s pulse.”

In a statement, Ramit Bharti Mittal of the Bharti Family, co-chair of the CII Regional Committee on Agriculture and Processed Foods said, “The farmers of rural India are perhaps the largest customer segment, still unable to fully benefit from the digital economy and e-commerce revolution sweeping the rest of the country. I was keen to invest in Faarms because they are solving this problem fundamentally by creating rural capacities and building market efficiencies leading to tangible value and increase in farmer income. They are bringing a unique commercial and institutional ecosystem to the agricultural community which includes partnerships with major brands, finance companies, agricultural universities & government departments, all with a strong focus on training people as service providers to farmers.”

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