Bangalore-based Farm Taaza, which is a business-to-business (B2B) agri-tech startup, has secured approx. ₹52 crore ($8 million) in a new Series A funding round.
The investment round was led by Hong Kong-based Epsilon Venture Partners, Tara India Fund IV, which is managed by IL&FS Investment Managers, among other existing investors.
The company will now use the proceedings of the current round to expand across South India. Currently, it is operating in Bengaluru, Chennai, Hyderabad and Ooty. It will also use money to make technological upgrades as well.
Kumar Ramachandran, CEO of Farm Taaza, said,
We want to enable a seamless supply chain from farm to store and our next focus will be to leverage machine learning, AI and data analytics for improved decision making.
Mahesh Vaidya, general partner, Epsilon Venture Partners, said,
The greatest potential comes from the digitisation of its supply chain — automation, data management, collaborative planning and forecasting, smart sourcing and product tracking, all of which make Farm Taaza more responsive, agile and transparent.
Founded in 2015, Farm Taaza provides expert advice to the farmers on improving the yield and improving the field operations of the farmer. The startup says that it currently gets over 200 orders a day from clients and supplies which translates roughly to 20 tonnes on a daily basis.
The company caters to over 1,400 farmers and supplies 150 varieties of fruits and vegetables to clients, including hotels and hospitals. It also focuses on reducing wastage that comes from supplying fruits and vegetables to different destinations.