Agrim Funding: Agrim raises $10 million in funding led by Kalaari Capital, Axis Financial institution

New Delhi: Enterprise-to-business (B2B) platform for agri-inputs Agrim on Thursday mentioned it has raised $10 million in a funding spherical led by Kalaari Capital. The spherical additionally noticed participation from current traders Omnivore, India Quotient, and Accion Enterprise Labs. Axis Financial institution additionally joined the spherical as a part of its India Banking initiative.

The startup plans to make use of this funding for expertise acquisition, embedded fintech product improvement and scaling up operations. It expects to see an annual gross buying and selling worth (GMV) of $100 million in 2022.

The Gurugram-based startup, based by IIT Kharagpur alumni Mukul Garg and Avi Jain, connects retailers immediately with producers and focuses on distribution, credit score, logistics, and advertising and marketing.

Agreem presently operates in 500 districts with over 2,500 producers and 170,000 retailers on the platform.

Garg, Co-Founder and CEO, Agreem, mentioned, “This funding will assist us quickly develop into new classes and geographies. Given unit-level profitability, a lot of the funds shall be used to convey onboard rock stars and launch embedded fintech providers for our retailers.

Vamshi Krishna Reddy, Companion, Kalaari Capital, mentioned that Agrium’s founding group has deep experience and readability in regards to the area in addition to a ‘sturdy concentrate on entity degree profitability’. Reddy mentioned, “Agrim goals to construct a strong, tech-enabled ecosystem for small retailers of essential agricultural provides to supply entry to agri-inputs throughout the nation whereas guaranteeing higher high quality and entry to merchandise for agri-based communities. The supply might change.”

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