Noida-based rural vehicle marketplace, Tractor Junction has announced that it has raised $5.7 million in series Seed round funding co-led by Info Edge Ventures and Omnivore.
The round also saw participation from its Existing investors as AgFunder GROW Impact Fund and Rockstart AgriFood Fund, along with angel investors including Vikram Chopra & Mehul Agrawal (Co-founders of Cars24), Vellayan Subbiah & Arun Venkatachalam (Murugappa Group), and Sanjiv Rangrass.
Tractor Junction plans to use this funding for talent acquisition, development of financial services, and launching physical stores for used tractor transactions across northern India.
Founded in 2019 by Animesh Agarwal, Rajat Gupta, and Shivani Gupta. Tractor Junction is a digital marketplace to buy, sell, finance, and ensure new and used tractors, farm equipment, and rural commercial vehicles. Despite the steady pace of agricultural mechanization, Indian farmers who want to buy rural vehicles have to navigate information opacity, unfair pricing, and a lack of trusted sources for smooth transactions.
Over the last two years, Tractor Junction has experienced 7X growth in annual revenues and has remained operationally profitable. In December 2021, Tractor Junction acquired rival marketplace TractorGuru (the second-largest farm machinery portal), further strengthening its leadership in this space. In the last 12 months, the Tractor Junction portal had over 30 million unique visitors, and the brand has rapidly gained prominence in rural India. The startup has also created over 1 million hours of original content shared across YouTube and other social media
Speaking on the funding round, Rajat Gupta, Co-Founder of Tractor Junction, said, “The rural vehicle ecosystem is at the cusp of a digital revolution and our team at Tractor Junction is excited to tackle the opportunity that lies ahead. We are humbled to have the confidence of marquee investors like Info Edge and Omnivore who bring a vast experience of building scalable businesses.”
Commenting on the investment round, Kitty Agarwal, Partner at Info Edge Ventures, said, “The used tractor and the farm equipment market is highly unorganized with a lack of established sales channels. As a result, farmers struggle with access to quality information and inventory for a relatively high-value purchase. Tractor Junction is bringing convenience, transparency, and affordability to the farm equipment buying process, thus empowering farmers and creating a winning ecosystem for all stakeholders. The founding team’s excellent execution and several years of deep experience have resulted in Tractor Junction emerging as the leading one-stop platform for rural vehicles and allied services.”
“By clearing the haze of information asymmetry, Tractor Junction is empowering smallholder farmers with access to valuable data and affordable high-quality farm vehicles. Tractor Junction will have a far-reaching impact on farmer profitability, and we at Omnivore are thrilled to support this journey,” Jinesh Shah, the Managing Partner of Omnivore, further added.