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Digital B2B food commodity marketplace TechnifyBiz has raised about ₹14 crore ($2 million) from Omnivore and Insitor Impact Asia Fund in its seed funding round. Shashank Kumar and Harshil Mathur, co-founders of digital payment company Razorpay also invested in this round.
The start-up, which has been co-founded by Akash Sharma and Abhishek Agarwal, is a B2B marketplace for non-perishable food commodities, including nuts, seeds, dry fruits, specialty grains and honey. It works directly with SME food processors and farmer groups to source these products and sells to wholesale buyers, retailers and processed food companies. The start-up’s other angel investors include R Narayan (Power2SME), Rajnish Gupta (Aakash Namkeen), and Indigram Labs.
In a statement, Abhishek Agarwal, Co-founder of TechnifyBiz said, “The current round of funding will help us double our base of SME food processors and farmer groups across the country, and strengthen our supply clusters across Bihar, Maharashtra, Karnataka, Jammu, and Orissa.”
“There is massive unmet demand for high quality food commodities in India, which TechnifyBiz is helping to bridge by developing back-end supply infrastructure and technology-enabled services,” Sharma added. The marketplace platform is expected to cross the ₹75-crore mark in terms of sales revenue by the end of FY 2019-20, the statement added.
Jinesh Shah, Managing Partner of Omnivore, said, “Omnivore is excited to support the TechnifyBiz team as they organise value chains in their targeted food commodities.” Abhijit Nath, Country Manager of the Insitor Impact Asia Fund, added, “We believe TechnifyBiz has the ability to create a scalable, high impact business that is focused on reducing inefficiencies in the agricultural supply chain.”