B2B agri-inputs platform AGRIM raises $10mn in Series A round from Kalaari, Axis Bank
AGRIM, a B2B platform for agri-inputs, has raised $10mn in Series A funding. The round was led by Kalaari Capital, with participation from existing investors Omnivore, India Quotient and Accion Venture Labs. Axis Bank also joined the round as part of their Bharat Banking initiative. AGRIM plans to use this funding for talent acquisition, embedded fintech product development, and scaling up operations.
Team RuralVoice
AGRIM, a B2B platform for agri-inputs, announced on February 17 that it had raised $10mn in Series A funding. The round was led by VC firm Kalaari Capital, with participation from existing investors Omnivore, India Quotient and Accion Venture Labs. Axis Bank also joined the round as part of their Bharat Banking initiative.
AGRIM is building the largest digital platform for India’s $50bn agri-inputs industry by connecting retailers directly with manufacturers and providing all parties with solutions for distribution, credit, logistics and marketing. It works across agri-input categories, including seeds, fertilizers, crop protection, animal nutrition, and farm implements.
Rural agri-input retailers grapple with a limited assortment of goods, poor availability, opaque pricing, spurious product quality, and the high cost of working capital. At the same time, agri-input manufacturers struggle to grow their businesses, increase the penetration of their products across geographies, manage working capital, and optimize logistics. AGRIM’s digital platform cuts across the existing multi-tier distribution system and delivers quality inputs via efficient fulfilment services.
AGRIM currently works across 500 districts, with over 2,500 manufacturers and 170,000 retailers on the platform.
The B2B platform plans to use this funding for talent acquisition, embedded fintech product development, and scaling up operations. It expects to clock annualized GMV (gross merchandising value) of $100mn in 2022.
Based in Gurgaon, AGRIM was founded in April 2020 by serial entrepreneurs and IIT Kharagpur alumni Mukul Garg and Avi Jain.
Mukul Garg, Co-Founder and CEO of AGRIM, said, “In the last 15 months, we have achieved product-market fit. This investment will help us expand exponentially into new categories and geographies. Given the unit-level profitability, most funds will be used to bring rock stars onboard and launch embedded fintech services for our retailers.”
Vamshi Krishna Reddy, the Partner at Kalaari Capital, said, “We, at Kalaari, are excited about playing a role in AGRIM’s vision of transforming the agri-input retail market in India. The founding team’s deep expertise and clarity of thought, along with their strong focus on unit-level profitability, resonated with us.”
Munish Sharda, the Group Executive and Head of Bharat Banking at Axis Bank, said, “Axis Bank is focused on creating a distinctive ‘Bharat Bank’ unit with tailored products and processes for rural segments. Investment in AGRIM is aligned to our Bharat Banking strategy and we look forward to building a strong partnership by providing suitable banking products and services to their customers.”
