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Indian Agritech startup FarmLink secures investment from Pioneering Ventures and Syngentaqrcode

Nov. 14, 2017

Favorites Print Nov. 14, 2017
The agritech startup FarmLink has secured an investment of US $3 million from the investment firm-cum-incubator, Pioneering Ventures and agrochemical company, Syngenta, according to sources from the startup, who announced this news on 08/11/2017. The investment of US $3 million constituted Series A round of funding for the startup. This round of funding comes three years after the startup was incubated by Pioneering Ventures. The startup will use the funds to create an all India network of collection and service centres, boost its technological and analytical capabilities and improve the supply chain from farm to shelf. The startup is aiming for a 400 to 500% growth in revenues by 2019. 

FarmLink was founded in 2014. It purchases fresh fruits and vegetables from farmers and supplies it to the retailers it has tie-ups with. Star Bazaar and Vista Processed Foods are currently the startup’s clients. The startup also plans to supply its produce to supermarket chains, quick-service restaurant chains, e-commerce food platforms and industrial processors. The good news is that FarmLink promises a secure source of income to farmers by means of long-term purchase agreements with them. In addition to supporting farmers to improve the quality and yield of their crops, the startup is striving to provide farmers with knowledge on how to employ scientific methods in their farming practices and how to operate bank accounts (how to open a bank account and operate the same).

So far the startup has distribution and collection centres in Maharashtra, Karnataka and Telangana and supplies vegetables and fruits from 700 farmers across these states. The startup plans to increase its presence throughout India (with the help of this investment from Pioneering Ventures and Syngenta) and supply produce from 3000 farmers across the country by 2019.

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Source: Indian CEO

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