Comments
Ayekart, an agrifood fintech platform, has raised $6.5 million (₹53 crore) in a Series A round led by Omnivore, Siana Capital and Unleash Capital.With this capital infusion, Ayekart aims to expand its operations nationwide and cater to a larger audience of FPOs (Farmer Producer Organisations), food manufacturers, distributors and retailers, the company said in a statement.
Founded in December 2020, Ayekart launched its commercial operations in September 2021 with a team of six and has since expanded into a team of over 150 members across six locations. The start-up provides fintech and supply chain solutions for traditional businesses in the agrifood value chain, boosting efficiency and convenience while preserving trust within the ecosystem.
Ayekart today operates in 18 States, has over 9,000 active merchants on its platform. The company claimed that it has facilitated more than 2.5 lakh transactions with over ₹2,100 crore lifetime GTV (Gross Traded Value). Moreover, Ayekart has been consistently profitable since inception, setting it apart from other agritech companies, it said.
Debarshi Dutta, Co-founder and CEO, Ayekart said, “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. Ayekart is not just addressing gaps in the value chain but also driving meaningful change that empowers agrifood MSMEs and fosters sustainable growth across the value chain.”
Jinesh Shah, Managing Partner at Omnivore said, “We are pleased to support Ayekart’s efforts in improving farmers’ lives and providing financial stability. 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 & Partner at UNLEASH Capital Partners, said“We are proud to be part of Ayekart’s Series A funding, helping to leverage technology for enhanced financial solutions in the B2B supply chain. This investment is an important long-term step in helping Ayekart fulfil its mission to strengthen its market position and continue delivering value to its stakeholders and customers.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.