Agritech Startup Freshokartz Picks INR 10 Cr in Pre-series A Funding to Expand Beyond Rajasthan
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Agri-tech startup Freshokartz said on Wednesday it has raised INR 10 crore (USD1.4 million) in pre-series A funding round from Rajasthan Venture Capital Fund (RVCF) and AWE (Achieving Women Equity) Funds.
The Jaipur-based company said it will use the funds to expand within Rajasthan and other nearby states of Haryana, Madhya Pradesh, Uttar Pradesh etc and in capacity building and tech development.
Founded in 2016 by Rajendra Lora and Chandrakanta, Freshokartz provides a host of technology-enabled solutions to small, marginal farmers, including agricultural inputs, crop advisory, output linkages, crop insurance and financing.
The idea is to optimize the agri supply chain while enhancing price realisation by farmers, the company said in its statement.
Farmers are provided soil-based crop and fertilisers recommendation through the company’s tool Agronomist and through call center. Freshokartz has set up several digitalized physical agri kiosks in villages and deliver agri-advisory, inputs and collect farmer output through them. It is building a hybrid model for farmers to give them pre- and post-harvest agriculture-related services, the company said.
“Our company has witnessed significant growth even during COVID-19 crisis, which is driven by our team’s differentiated understanding of India’s agricultural supply chain, its markets and its participants given our personal farming backgrounds. This helps us execute effectively as an effective and integrated agriculture supply chain company. Getting RVCF and AWE Funds’ investment support will help expand and consolidate our footprint not only in Rajasthan but also in neighboring states,” said Lora.
Currently, Freshokartz is operating 40 centers across Rajasthan and working with over 90,000 farmers. It aims to reach 1 million farmers in the next 12-15 months.
Commenting on the deal, Gaurav Chowdhry, VP, RVCF said, “It is pertinent for us to look at startups which can sustain in these challenging times by differentiation and innovation. By focusing on farmer’s multitude of farming needs, Freshokartz is providing full stack solutions for better farm outcomes. The team has strong execution capabilities and expects to see significant growth in the coming years. We are happy to partner with Freshokartz in the journey."