Agrifood Fintech Platform Ayekart Raises $6.5 Million In Series A Funding

Updated on: 19 February 2024 10:42 pm

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Start-Up Visa: Canada Wants YOU And Your Million-Dollar Idea Photo: The key requirement is a minimum Canadian Language Benchmark (CLB) of 5 (IELTS – Reading 4.0, Writing 5.0, Listening 5,0, and Speaking 5.0).

Agrifood fintech platform, Ayekart has raised $6.5 million ($53 Crore) in a Series A round led by Omnivore, Siana Capital, and Unleash Capital Partners. Unitus Capital was the exclusive financial advisor to the company for the transaction.

Founded in 2020, the start-up provides fintech and supply chain solutions for traditional businesses in the agrifood value chain.

The company intends to devote this freshly raised capital infusion to expanding operations nationwide and cater to a larger audience of FPOs (Farmer Producer Organisations), food manufacturers, distributors, and retailers, it said in a press statement.

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With it started its commercial operations in 2021, the company is now operating in 18 states and has over 9,000 active merchants on its platform. It has successfully facilitated more than 2.5 lakh transactions with over Rs 21 billion lifetime GTV (Gross Traded Value), the statement read.

Leading the charge at Ayekart are Debarshi Dutta, Ashutosh Singh, and Milind Borgikar. Debarshi Dutta served in banking, finance, and supply chain management leadership roles in MasterCard, BPC Banking Technologies, and FINO Payments Bank.

Debarshi Dutta, co-founder, and CEO of Ayekart, stated, "Since the inception, our unwavering commitment to positively impact the lives of smallholder farmers, Farmer Producer Organizations (FPOs), and agrifood MSMEs across India has been the cornerstone of our journey. 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.”

Commenting on the round, Jinesh Shah, managing partner at Omnivore, said, "Ayekart's focus on empowering agrifood MSMEs with its cutting-edge technological approach resonates deeply with our investment philosophy. We are confident that this capital infusion will propel Ayekart's advancement, stimulating noteworthy progress in both the agricultural and supply chain spheres."

Sohil Shah, founder and partner at UNLEASH Capital Partners said, “This investment is an important long-term step in helping Ayekart fulfill its mission to strengthen its market position and continue delivering value to its stakeholders and customers.”