SmartFarms Agritech is in discussions with a clutch of investors to raise $1.5 million in a pre-Series A round, even as the company has raised an undisclosed amount from a number of angel investors.
The company intends to raise its pre-Series A round by the end of this year, it said in a statement. New Delhi-based SmartFarms Agritech is an agricultural products distribution platform.
Leading the investment was Sunkara Subba Rao, a Delhi-based angel investor, while Renous Consulting was the adviser to the deal. The company intends to use the funds for operations and expansion purposes, and hiring senior management personnel.