FARMART
Agritech startup Fyllo raises $4 million in funding led by IndiaQuotient, SIDBI Ventures
Over 8,000 farmers are availing of Fyllo’s AI-based prediction models that suggest efficient agricultural practices, on more than 50,000 acres and have consistently received 25% more yield, 80% export-quality produce, and 30% more income, the company said.
IT firms trim bench strength; GCCs focus on compliance
Happy Thursday! The country’s top IT firms have seen a massive drop in their bench strength, i.e. employees not on active projects. Find out why and more in today’s ETtech Morning Dispatch.
FAME 3 rollout soon; Euler Motors fundraise
The next edition of the electric vehicle incentive scheme is likely to be unveiled within months of the new government taking charge. Details on this and more in today's ETtech Top 5.
FarMart raises Rs 24 crore in debt from ResponsAbility Investments
B2B food supply platform FarMart raises Rs 24 crore from Switzerland-based asset manager ResponsAbility Investments for its SaaS software. Previous investors include General Catalyst and Matrix Partners India. The funding aims to reduce food loss and waste in India.
Dairy fintech startup Digivriddhi raises $6 million in funding led by Omidyar Network India
Founded in 2019 by Ragavan Venkatesan, DGV provides dairy farmers and micro-enterprises access to institutional credit. It plans to use the funds to expand its reach and drive technological innovation.
Agritech firm Fyllo sees revenues surge three-fold in FY23, plans to launch crop insurance
Fyllo's IoT devices are designed to gather real-time data on various critical aspects of farming, including soil moisture levels, weather conditions, and crop health. It works with more than 5,000 farmers.
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Agritech startup Arya aims to double profit, increase revenue by 70% to Rs 500 crore in FY24
Currently, most of the startup's revenue comes from storage/warehouse fee. But cofounder Prasanna Rao expects the fee from selling grain on its platform should be a bigger revenue model going forward. Commission on sales stood at Rs 40 crore in FY23 and he expects this to cross Rs 100 crore this fiscal.
Musk-Modi US bonhomie and Tesla’s India plans; Mumbai drone startup Ideaforge's IPO journey
Tesla will vroom into India “as soon as humanly possible”, says its boss Elon Musk. The Twitter CEO was addressing reporters after his meeting with Prime Minister Narendra Modi, who is on a four-day visit to the US.
Avaana Capital secures $70 million in first close for climate fund
Avaana Capital is targeting a total corpus of $100-125 million for the fund, which will focus its investments in three sectors that it said are responsible for 90% of India's emissions: energy transition and resource management, mobility and supply chains, and sustainable agriculture and food systems.
VC fund General Catalyst stresses on governance in Indian startups
Instances of financial misappropriation in the last 12-18 months including at startups such as BharatPe, Zilingo and GoMechanic have prompted the venture fund to “deepen its capabilities" and collaborate more with the financial department at startups.
B2B startups cornered $8.5 billion in funding over past eight years: Matrix report
Corner funds across 500 rounds since 2015, with six unicorns formed in the segment: Matrix report
VC firm Unitus Ventures brings on board Sanjiv Rangrass and Raj Nooyi
Rangrass joins as a venture partner and will lead the firm’s investment strategy in the climate sector - a focus sector for the next fund the VC firm will launch early next year. Nooyi joins as venture advisor, and his global experience will help Unitus’ portfolio companies to scale globally.
Emerging tech powering growth for India, says report
The winning list this year for the top 50 fastest growing companies ranks Gurugram based FarMart No.1 with FY22 revenue coming in at a remarkable growth of 150 times their FY20 revenue.
VC fund General Catalyst looks to boost its India investments
At the vanguard of this drive into India will be former SoftBank investor Deep Nishar, who joined General Catalyst in January, and former Snapdeal and Meta (the erstwhile Facebook) executive Anand Chandrasekaran.
CCI finds Google’s Play Store payments policy ‘unfair’; General Catalyst to double down on India
Further hearings on the findings of the probe will begin shortly, the sources said. Google will then have a chance to present its argument, following which a verdict will be given. One of the sources said CII “is quite convinced that the policy will definitely harm developers if implemented”.
Volatile markets keep tech IPOs on hold; K’taka moves SC on gaming law
A number of startups, including Delhivery, PharmEasy and Oyo, have had to postpone their IPO plans until the high volatility in global markets subsides.
B2B food supply startup FarMart raises $32 million in fresh funding led by General Catalyst
Founded in 2015 by Sanghera and Mehtab Singh Hans, FarMart’s model is centred around agri-input retailers and solves some of the challenges faced by the retailer community.
ETtech Deals Digest: PharmEasy, Cred raise funds this week
Online pharmacy PharmEasy and credit card repayment platform Cred were among the startups that raised funds this week with a significant bump up in their valuations.
Google in funding talks with Meesho; Indians double down on crypto
Google, which has already invested in six Indian startups this year, is now in talks with social commerce platform Meesho for a $50-75 million infusion.
Rebel unicorn spreads its wings; Zomato CEO joins Unacademy board
When Rebel Foods raised $175 million and became the 31st Indian startup unicorn of 2021 earlier this month, it said it would use some of the funds to expand worldwide. It’s now doing exactly that through a partnership with Foodpanda.
FarMart gets $10-million funding from Matrix Partners India, others
FarMart, an agri-focused SaaS startup, will use the funding to expand its distribution network across the country, scale product capabilities and grow the team. The company had in June raised $2.4 million in a pre-Series A round.
Govt-Twitter faceoff escalates over India IT rules
In today's ETtech Morning Dispatch, Twitter and Google break silence on India's IT rules after WhatsApp sues government; the board of BigBasket has cleared the takeover by Tata Group; and Dream Sports' diversification plans.
FarMart bags $2.4 million in funding led by Omidyar Network India, Avaana Capital
The startup plans to use the funds raised for product development, user base expansion and scaling its market linkage capabilities
Lightspeed selects 17 startups for its Extreme Entrepreneurs program
These startups were selected from a pool of more than 1,200 across India and Southeast Asia.
Agri-startups can offer tech solutions to keep food supply chain rolling amid COVID-19 crisis: Study
Highlighting agri-tech solutions, the study said agri-startups can provide aggregation and distribution of farm produce from point of collection to consumption centres.
For agriculture financing, the future may be cashless loans
farMart started with an Uber-like model for tractors, but is now providing credit loan to underserved farmers and addressing some basic farming woes.
A look at startups solving India-specific problems
Many startups have moved beyond the idea of imitating successful business models and are working towards tackling uniquely Indian problems.
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