Agritech startup Faarms has increased USD 2 million (around Rs 14 crore) as seed funding from investors for expansion.
The round was led by Koh Boon Hwee and Dr Cornelius (Conny) Boersch among other angel investors, the firm said in a statement.
Faarms is a one-stop online shop to access at the click of a button a huge inventory of certified products to be delivered to the farmer's doorstep with cashless payment alternatives.
Faarms has 8 lakh subscribers and delivers to 20,000 villages in over 200 pin codes.
"Faarms was conceived with the aim to build an e-marketplace for the farming community of our country with the idea to help a kisaan purchase inputs from some of the best-known brands in the world and obtain crop-related advice at the click of a button, sitting at home," stated Taranbir Singh, Co-founder and Chief Executive Officer Faarms.
The company targets to bring financial inclusion and spread digital literacy to rural India by helping farmers adopt digital payment with the help of on-ground staff, he added.
“The fund we have raised will be used to expand our footprint in North-Eastern, Central and Southern states of India," stated Alok Duggal, COO, and Co-founder at Faarms.
In addition, he said, “the company is looking to add new product segments and services for the farmers as well, deploying advanced technologies for seamless functioning of the multilingual platform making it easier for the farmers to access information”.