Agrim, a B2B agri-inputs platform, recently revealed that it has raised $10 million in a fundraising round headed by Kalaari Capital. Existing investors Omnivore, India Quotient, and Accion Venture Labs also participated in the round. Axis Bank also participated in the round as part of its Bharat Banking program.
The business intends to utilize the funds to hire more employees, create embedded fintech products, and expand its operations. In 2022, it plans to generate $100 million in annualized gross merchandising value (GMV).
The Gurugram-based firm, established by Mukul Garg and Avi Jain, is creating a digital platform for India’s $50 billion agri-inputs industry by linking merchants directly with manufacturers and delivering solutions for distribution credit, logistics, and marketing to all stakeholders. Agrim now has approximately 2,500 producers and 170,000 shops on its platform, which spans 500 districts.
This investment will enable them to expand tremendously into newer markets and countries, said Garg, Co-Founder, and CEO of Agrim. The majority of the cash will be spent to bring rock stars on board and offer embedded financial services for their retailers, given the unit-level profitability.
According to Vamshi Krishna Reddy, Partner at Kalaari Capital, Agrim’s founding team has extensive knowledge and clarity of thinking about the sector, as well as a strong focus on unit-level profitability. Agrim’s goal of creating a strong, tech-enabled ecosystem for small merchants of critical agricultural supplies can alter the way agri-inputs are sourced across the country, providing greater quality and availability to products for agri-based communities, continued Reddy.
Agrim is reinventing a $50 billion market. They intend to inject technology, current retail best practices, and data science for credit underwriting into the traditional supply chain. Kalaari Capital, Axis Bank, Omnivore, India Quotient, and Accion have all contributed $10 million or more to Agrim. Rajesh Yabaji, co-founder of Blackbuck, and Rahul Jaimini, co-founder of Swiggy, are among their Angel investors. They’re a team that’s daring, eager, mission-driven, and a lot of fun.
For more information, visit https://agrim.app/