Crofarm a Technology based agricultural supply chain based in Gurgaon has raised $1.5 million in seed funding from Rohit Jain and Mukul Singhal, former Principals at SAIF Partners.
Other investors participated in this round include Ashish Gupta- Former COO at Evalueserve, Himanshu Aggarwal, Co-founder and CEO of Aspiring Minds and Sunil Goyal- VP at Paytm. The funds will be used in establishing their presence in Tier 2 markets and to operate in more than 10 cities over the next 2 years
It was founded in May 2016 by Varun Khanna and Prashant Jain. It is a Farm to business venture. It has more than 10000 farmers on its network. It has partnered with Grofers, Jubiant Foodworks, Metro Foods, Reliance Retail, Big Basket and Big Bazar.
Varun Khurana, CEO and co-founder of Crofarm said,
“We have three distribution centres in the Delhi-NCR belt and one in Mumbai where produce from farmers gets delivered which then gets picked up by unorganised market players.”
Its revenues come from commission which ranges from around 5% of the price in case of less perishables like onions and potato. Around 15% of the price of Green Vegetables, and around 20-25% in case of exotics and fruits. Agriculture market contributes 13% towards India’s GDP. Their aim is to create a dependable supply chain and eventually expand to a cold supply chain.