Tractor Junction will use the fresh capital to develop financial services, hire new talent and launch physical stores in the northern part of India
It claims to have clocked a 7X surge in annual revenues in the last two years
The startup helps farmers to buy, sell, finance, insure and service new or used tractors and farm equipments
Rajasthan-based rural vehicle marketplace Tractor Junction has raised $5.7 Mn in its seed funding round led by Info Edge Ventures and Omnivore.
The round saw participation from existing investors including AgFunder GROW Impact Fund and Rockstart AgriFood Fund, and angel investors including Cars24’s Vikram Chopra and Mehul Agrawal, Murugappa Group’s Vellayan Subbiah and Arun Venkatachalam, and Sanjiv Rangrass.
The fresh capital will be used for developing financial services, hiring new talent and launching physical stores in the northern part of India.
Founded in 2017 by Animesh Agarwal, Rajat Gupta, and Shivani Gupta, Tractor Junction is a digital marketplace for farmers. The online platform helps farmers to buy, sell, finance, insure and service new or used tractors and farm equipment.
As per its website, the digital platform has listed more than 300 new tractors, 75 harvesters, 580 implements, 135 farm tools, and 120 tyres. Some of the brands that are listed on its website are Mahindra, Sonalika, Swaraj, New Holland, Eicher, and John Deere, among others.
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It claims to have clocked a 7X surge in annual revenues in the last two years. Also, it further asserts that the portal has had more than 30 Mn visitors in the last 12 months. It is reported to have acquired rural vehicle marketplace TractorGuru in December 2021.
Some of its competitors in the Indian agriculture vehicle and equipment market are E-Farm, KhetiGaadi, FIELDKING, and BigHaat.
According to a report, the Indian agricultural equipment market reached a value of INR 926 Bn in 2021. The market is expected to reach INR 1,689 Bn by 2027, exhibiting a CAGR of 10.6% during 2022-2027.
A few days ago, car marketplace unicorn CarDekho launched a fintech platform Rupyy. According to the startup, its subsidiary CarDekho Financial Services will be transformed and merged into Rupyy.
Rupyy would offer a paperless loan in a matter of a few minutes. It also offers a slew of financial products including new car and used car loans, two-wheeler, personal, and car loans, among others.
In February 2022, car marketplace Cars24 announced its annual ESOP buyback worth INR 75 Cr to reward its employees. It has been leading annual ESOP buyback initiatives for the last four years, for its employees both existing and former. At the time of reporting, the value of total ESOP buyback for the company stood at INR 113 Cr.
In August 2021, vehicle financing startup OTO raised $6 Mn in a Series A round led by Matrix Partners India. In addition, existing and new investors such as Prime Venture Partners, 9Unicorns, and Better Capital and marquee angel investors including Asish Mohapatra of OfBusiness, Ramakant Sharma of Livspace, Kunal Shah, K Ganesh, and Ashneer Grover & Suhail Sameer of BharatPe participated in the round.