AGRIM, a B2B platform for agri-inputs, on Thursday said it has raised $10 million (Rs 75 crore) from investors including Kalaari Capital to grow its business.
In series A funding, AGRIM has raised funds from Kalaari Capital, with participation from existing investors Omnivore, India Quotient, and Accion Venture Labs. Axis Bank also joined the round as part of their Bharat Banking initiative.
AGRIM said in a statement that it plans to use this funding for talent acquisition, embedded fintech product development and scaling up operations.
It is building the largest digital platform for India's USD 50 billion agri-inputs industry by connecting retailers directly with manufacturers and providing all parties with solutions for distribution, credit, logistics and marketing.
The company works across agri-input categories, including seeds, fertilizer, crop protection, animal nutrition and farm implements.
AGRIM said it currently works across 500 districts, with over 2,500 manufacturers and 170,000 retailers on the platform.
The startup expects to clock annualised GMV (gross merchandising value) of $100 million in 2022.
Based in Gurgaon, AGRIM was founded in April 2020 by serial entrepreneurs and IIT Kharagpur alumni Mukul Garg and Avi Jain.
Mukul Garg, Co-Founder and CEO of AGRIM, said, ''In the last 15 months, we have achieved product-market fit. This investment will help us expand exponentially into new categories and geographies. Given the unit-level profitability, most funds will be used to bring rock stars onboard and launch embedded fintech services for our retailers.
(With PTI inputs)
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