The debt will be used to strengthen the firm’s processing division and to improve its overall traceability capabilities for the supply chain, FarMart cofounder Mehtab Singh Hans told ET in an interaction.
FarMart, which offers software as a service to help food businesses source produce, is looking to raise $25-30 million in equity funding by the third quarter of FY25 from a mix of its existing and new investors at a premium to its last valuation of $140 million, Hans said.
The company had raised $32 million, or about Rs 244 crore, in the last funding round in March 2022, led by General Catalyst, with participation from Matrix Partners India and Omidyar Network India. FarMart has so far raised $48 million (about Rs 400 crore) in total so far, according to data from Tracxn.
“We are proud to drive reduction in food loss and waste in India through our partnership with FarMart, whose technological solutions are crucial for efficient supply chain and logistics,” said Neha Baid, head of sustainable food debt for APAC at ResponsAbility Investments. “Food systems account for a third of global GHG (greenhouse gas) emissions, with major losses occurring at upstream and midstream levels,” she said.
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