Farmer-centric platform Krishify said on Tuesday that it has raised $ 2.7 million in the context of its pre-Serie A funding round led by Omidyar network India, Ankur Capital and existing investor Orios Ventures.
Co-founders of Country Delight, Nitin Kaushal and Chakradhar Gade, also joined in the round as angel investors.
As per Krishify, the startup would use the proceeds from the current fundraIse to continue to expand its user base.
Krishify was established in 2019 and is a networking platform for farmers and other agricultural professionals. It enables the exchange of information and matches potential traders. It also gives farmers right of entry to a large store of accurate information in local languages. This includes services like crop status suggestions and feedback and the buy and sale of cattle, used tractors, machinery and seeds.
“The Krishify mobile platform has witnessed the highest growth, retention and commitment in this space. The opportunity ahead is huge. We are pleased to have the support of investors with a
deep background in agritech and community trading space. We feel that this fundraiser will help us take the company to new heights, “stated Rajesh Ranjan, Founder and CEO, Krishify.
Krishify targets to have at least 100 million users on board and unlock a gross merchandise value (GMV) potential of over $ 10 billion over the next 3-4 years, Ranjan added. Over the next 12 to 18 months, the company would reach over 10 million weekly active users, it says.
Currently, Gurugram-based Krishify has 3.5 million users, which is growing by 30% from month to month.
“While the Indian agritech space has experienced a lot of activity over the last few years, most of these investments and initiatives have been crop-centered, leaving the farmer’s other needs completely unsatisfactory, ie. dairy, livestock, tractors, machinery and implements. Within a short period of time, Krishify has managed to build a highly committed farmer-oriented community that addresses the information asymmetry prevalent in the Indian agricultural ecosystem, “stated Madhav Tandan, Director, Omidyar Network India.
Farmers get access to the community on Krishify to also get support with farming techniques, updated market prices, government benefits and subsidies, among other information.
In addition, agricultural stakeholders such as retailers, cattle dealers, breeders and male traders use Krishify to discover and interact with a broad community of farmers, the firm said.
“We are kicked out of what technology can do for agriculture in India. Krishify is a great example of this, by first allowing the exchange of information between farmers and then letting them trade with each other,” stated Rehan Yar Khan, managing partner, Orios Venture Partners.
Previously, Krishify raised around $ 150,000 as part of its investment round for seeds from Orios Ventures and Appyhigh, a growth startup for tech startups.