Agritech startup, Farmers Fresh Zone has raised Rs 6 crore in pre-series A round through existing investors. The round was led by Indian Angel Network (IAN), with participation from IAN Fund, Malabar Angel Network and Native Angel Network. Along with this new funding, the company has so far raised Rs 8.5 crore so far.
Seeing 300 percent growth in D2C brand building, Farmers FZ is eyeing to close a $5 million Series A round and has engaged an ibanker, it said in a press release.
The Kochi-based startup will use the fresh funds to expand to cities across South India, hire new talent, develop infrastructure, and strengthen the R&D to enhance traceability with Blockchain and AI based-predictive demand driven growing of FnV for farmers.
Since its establishment in 2018, the agri-tech startup has connected over 3000+ farmers to urban users through its omni-channel presence. Recently, Farmers Fresh Zone expanded operations to Tamil Nadu and now has a presence in Kochi, Trivandrum, Kottayam, Trissur, and Coimbatore.
The startup was founded by a software engineer turned entrepreneur, Pradeep PS with an aim to improve the health and wellness standards of the consumers by providing them access to safe-to-eat, pesticide-free fruits and vegetables. The idea was to bridge the gap between farmers and consumers through a unit-level traceability for all products.
Pradeep PS, Founder and CEO of Farmers Fresh Zone said, “The Indian fruits and vegetable sector is valued at $100 billion, of which a staggering 96 percent is fragmented and disorganized. At Farmers Fresh Zone, we are building a supply chain that offers a superior customer experience. We ensure our customers get safe-to-eat and pesticide-free products, and that our farmers get the right rates for their produce. We provide them data-based predictive information about the existing demand in the market to eliminate any wastage.
"We are grateful to have received this funding from marquee investors. We are also thankful to the Kerala Start-Up Mission that played an important part in anchoring this deal. In the coming years, we aim to emerge as the #1 player in the premium fruits and vegetable segment of South India, with key focus in offering health and wellness based products.”
Nagaraja Prakasam, Lead Investor at IAN and board member of Farmers Fresh Zone said, “FFZ has consolidated its position strongly during the pandemic by moving 100 percent online and away from physical stores. Growing 600 percent during this time, it is well positioned to crack the D2C fresh FnV space comparable to how on-demand meat delivery has taken off in the country."