Agrifood fintech platform Ayekart raises $6.5Mn in 'Series A' funding
Ayekart, a leading agrifood fintech platform, has raised USD 6.5 Million (INR 53 Crore) in a 'Series A' round led by Omnivore, Siana Capital and Unleash Capital. With this capital infusion, Ayekart aims to expand its operations nationwide and cater to a larger audience of FPOs (Farmer Producer Organizations), food manufacturers, distributors, and retailers
Ayekart, a leading agrifood fintech platform, has raised USD 6.5 Million (INR 53 Crore) in a 'Series A' round led by Omnivore, Siana Capital and Unleash Capital. With this capital infusion, Ayekart aims to expand its operations nationwide and cater to a larger audience of FPOs (Farmer Producer Organizations), food manufacturers, distributors, and retailers.
Founded in December 2020, Ayekart launched its commercial operations in September 2021 with a team of six and has since expanded into a team of over 150 members across six locations. The startup provides fintech and supply chain solutions for traditional businesses in the agrifood value chain, boosting efficiency and convenience while preserving trust within the ecosystem, says a company statement.
Ayekart today operates in 18 states, has over 9,000 active merchants on its platform, and has successfully facilitated more than 2.5 lakh transactions with over INR 21 billion lifetime GTV (Gross Traded Value). Moreover, Ayekart has been consistently profitable since inception, setting it apart from other agritech companies.
Leading the charge at Ayekart are Debarshi Dutta, Ashutosh Singh, and Milind Borgikar. Debarshi Dutta served in banking, finance, and supply chain management leadership roles in MasterCard, BPC Banking Technologies and FINO Payments Bank.
Ashutosh Singh brings more than a decade’s insights into the ecosystem of Bharat with extensive experience in managing educational operations for multinationals like Pearson. Finally, Milind Borgikar, a software engineer, began his career at Tata Consultancy Services and went on to work at IBM and Vodafone before his entrepreneurial debut with The Houuse, an IT consulting firm.
Debarshi Dutta, Co-Founder & CEO of Ayekart, stated, "Since the inception, our unwavering commitment to positively impact the lives of smallholder farmers, Farmer Producer Organizations (FPOs), and agrifood MSMEs across India has been the cornerstone of our journey. We understand the critical pain points that agrifood MSMEs face – the need for market linkages, access to finance, and an efficient technology ecosystem to enhance their businesses.
"To address these challenges, we have developed innovative fintech solutions tailored to empower FPOs and agrifood MSMEs. Ayekart is not just addressing gaps in the value chain but also driving meaningful change that empowers agrifood MSMEs and fosters sustainable growth across the value chain.”
Commenting on the round, Jinesh Shah, Managing Partner at Omnivore, said, “We are pleased to support Ayekart's efforts in improving farmers' lives and providing financial stability. Ayekart's focus on empowering agrifood MSMEs with its cutting-edge technological approach resonates deeply with our investment philosophy. We are confident that this capital infusion will propel Ayekart's advancement, stimulating noteworthy progress in both the agricultural and supply chain spheres.”
Sohil Shah, Founder & Partner at UNLEASH Capital Partners, stated, “We are proud to be part of Ayekart’s Series A funding, helping to leverage technology for enhanced financial solutions in the B2B supply chain. This investment is an important long-term step in helping Ayekart fulfill its mission to strengthen its market position and continue delivering value to its stakeholders and customers.”
Unitus Capital was the exclusive financial advisor to the company for the transaction, the statement added.
