Farm Taaza, a business to business eCommerce platform that sources fresh fruits and vegetables directly from farmers for retails in India, has raised $8 million in Series A funding.
The round was led by Hong Kong-based Epsilon Venture Partners. Along with Epsilon, Tara India Fund, a fund managed by IL&FS Investment Managers, has also invested in the current round. The company’s existing investors have also joined the round.
Commenting on the funding round, Kumar Ramachandran, CEO, Farm Taaza, said,
This funding will enable us to scale the business through deployment of our technology platform for better efficiency. We want to enable a seamless supply chain from farm to store and our next level focus will be to leverage machine learning, AI and data analytics for improved decision making.
Mahesh Vaidya, General Partner, Epsilon Venture Partners, said,
Farm Taaza’s adoption of best-in-class technology platform brings much needed end-to-end efficiency to the critically important $20B annual fresh produce markets, while reducing spoilage and pilferage. The greatest potential comes from the digitisation of its supply chain – automation, data management, collaborative planning and forecasting, smart sourcing and product tracking all of which make Farm Taaza more responsive, agile and transparent.
The company had started its operations in August 2015 after raising seed funding from Silicon Valley-based angel investors. It makes the produce available to the customer within 8-22 hours of harvesting it.
The produce is optimally packed and then transported to the company’s warehouses. Farm Taaza also provides expert advice to the farmers on improving the yield and improving the field operations of the farmer.
Operating in in Bangalore, Chennai and Hyderabad, the company says that it has more than 1,400 farmers associated with Farm Taaza for supplying over 150 varieties of fruits and vegetables.