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Gurugram based B2B agri-inputs platform, AGRIM has announced that, “It has raised $10 Million in Series A round funding.”
The round was led by Kalaari Capital, with participation from existing investors Omnivore, India Quotient, and Accion Venture Labs. Axis Bank also joined the round as part of their Bharat Banking initiative.
AGRIM currently works across 500 districts, with over 2,500 manufacturers and 170,000 retailers on the platform on different agri-input categories including seeds, fertilizer, crop protection, animal nutrition, and farm implements.
“AGRIM plans to use this funding for talent acquisition, embedded fintech product development, and scaling up operations. The startup expects to clock annualized GMV (gross merchandising value) of USD 100 million in 2022,” the statement said.
AGRIM plans to increase stock-keeping units by 10x, to reach 250,000 SKUs across agri-input categories, providing retailers with a vast selection on the platform.
Based in Gurgaon, AGRIM was founded by serial entrepreneurs and IIT Kharagpur alumni Mukul Garg and Avi Jain.
Speaking on the fundraise, Mukul Garg, Co-Founder & CEO of AGRIM, said, “In the last 15 months, we have achieved product-market fit. This investment will help us expand exponentially into new categories and geographies. Given the unit-level profitability, most funds will be used to bring rock stars onboard and launch embedded fintech services for our retailers.”
Commenting on the investment in AGRIM, Vamshi Krishna Reddy, the Partner at Kalaari Capital, said, “We, at Kalaari, are excited about playing a role in AGRIM’s vision of transforming the agri-input retail market in India. The founding team’s deep expertise and clarity of thought, along with their strong focus on unit-level profitability, resonated with us.”
“AGRIM’s goal of building a strong, tech-enabled ecosystem for small retailers of crucial agricultural supplies can transform the way agri-inputs are sourced across the country while ensuring better quality and access to products for agri-based communities. Thank you Mukul and Avi. We are proud to support you in creating an outstanding platform that will aid thousands of agri-input retailers and manufacturers across India,” Reddy said.
Further talking about the funding round, Munish Sharda, the Group Executive & Head of Bharat Banking at Axis Bank, said, “Axis Bank is focused on creating a distinctive ‘Bharat Bank’ unit with tailored products and processes for rural segments. We are aiming for increased footfall through branches as well as a digital presence, and partnerships with players focused on delivering solutions to these segments. Investment in AGRIM is aligned to our Bharat Banking strategy and we look forward to building a strong partnership by providing suitable banking products and services to their customers.”