In its Series B funding round, which was spearheaded by Asia Impact and included participation from current investors Kalaari, India Quotient, Omnivore, and Accion Venture Lab, AGRIM, a B2B platform for agri-inputs, has raised $17.3 million.
According to a press release from the company, AGRIM plans to use the money to improve its technology, broaden its product line, and grow its business in order to become the go-to supplier for manufacturers and agri-input retailers all over the nation.
For the Gurugram-based startup, Kalaari led a $10 million Series A round in February 2022.
AGRIM, which was founded in April 2020 by Avi Jain and Mukul Garg, offers solutions for marketing, distribution, credit, and logistics while putting retailers in direct contact with manufacturers. It functions in a number of agri-input categories, such as farm tools, seeds, fertilizer, crop protection, and animal nutrition.
Currently, the platform serves and informs 15 million farmers by providing more than 30,000 SKUs from 1,200 manufacturers to 25,000 retailers.
AGRIM uses a pricing intelligence model to determine the right prices for goods from manufacturers, keeping a 10% to 70% margin for itself.
The company reportedly saw a nearly 2.5-fold increase in operating revenue, from Rs 64.6 crore in FY22 to Rs 157.36 crore in FY23, according to the media. Its losses during that time increased to Rs 28 crore, a 64% increase. The annual financial results for FY24 have not yet been filed.
Among the largest funding rounds for agritech startups this year is $17.3 million given to AGRIM. Superplum raised $15 million last month, compared to Arya.ag’s $29 million. As of August 30, only $150 million had been raised by startups in the agritech space through more than 30 deals, indicating a decline in funding.
