Ayekart Nets $6.5 Mn To Offer Agri Focussed Financial, Services

SUMMARY

Founded in 2020 by Debarshi Dutta, Ashutosh Singh, and Milind Borgikar, the startup provides fintech and supply chain solutions for traditional businesses in the agrifood value chain

The funds will be used to expand the operations nationwide and cater to a larger customer base of FPOs (Farmer Producer Organizations), food manufacturers, distributors, and retailers

According to Ayekart, it operates across 18 states with over 9,000 active merchants on its platform

Agri-fintech startup Ayekart has raised $6.5 Mn (INR 53 Cr) in a Series A funding round from Omnivore, Siana Capital and Unleash Capital.

Unitus Capital was the exclusive financial advisor to the company for the transaction.

The startup will use the fresh funds to expand its operations nationwide and cater to a larger customer base of FPOs (Farmer Producer Organizations), food manufacturers, distributors, and retailers.

Founded in 2020 by Debarshi Dutta, Ashutosh Singh and Milind Borgikar, Ayekart provides fintech and supply chain solutions for traditional businesses in the agrifood value chain.

Commenting on the funding, cofounder and CEO Debarshi Dutta said, “We understand the critical pain points that agrifood MSMEs face – the need for market linkages, access to finance, and an efficient technology ecosystem to enhance their businesses. To address these challenges, we have developed innovative fintech solutions tailored to empower FPOs and agrifood MSMEs.”

According to Ayekart, it operates across 18 states with over 9,000 active merchants on its platform. It claims to have facilitated more than 2.5 Lakh transactions worth over INR 2.1 Cr lifetime GTV (Gross Traded Value). It also claims to have been profitable throughout, since inception.

In 2022, the startup raised $5.5 Mn debt and equity funding to provide financial and technological assistance to traditional businesses in the food and agri sector for their growth.

Back then it said that it had plans to expand its services to 15 countries in the next five years.

In the agritech space, recently, KisanKonect also raised a funding worth $3.7 Mn to increase its activities in climate-smart agriculture interventions with its 5,000 farmers.

Also, last year, Waycool was reported to be in talks with multiple investors, including sovereign funds, impact funds, and family offices, to raise funding in the range of $50 Mn to $70 Mn.