Mumbai-based AyeKart, an agri-fintech startup for farmers and businesses in the agri and food value chain, has raised $5.5 million in funding, which includes equity and debt, from corporate lender Caspian Debt and micro-finance service provider Siply.
Founded in December 2020 by Debarshi Dutta, Sanjay Shah, and Milind Borgikar, The startup is aimed at helping traditional businesses related to agriculture and food digitize their operations, raise credit, and manage their supply chain.
According to the company's statement, the raised capital will be used to serve the burgeoning business needs of traditional businesses in the Food and Agri sector; by providing financial and technological assistance to elevate their businesses and eventually enhance growth.
Debarshi Dutta, CEO & Co-founder, said, “Ayekart constantly thrives to enable the best of its services through finance, technology, and services for the betterment of FPOs, farmer communities, and traditional businesses."
According to Debarshi, The raised funding will help Ayekart to strengthen its ecosystem for the benefit of small and traditional sellers, dealers, farmers, millers, processors, distributors, and retailers (in the food and agri sector).
"This will further boost disbursements, given the various opportunities that we have at present. We are very humble and thankful to our investors for their trust and are grateful to them for their unstinting backing during our growth phase," he said.
Commenting on the investment, Avishek Gupta, Managing Director & CEO - Caspian Debt, said, "Ayekart plays a significant role in providing new market avenues as well as payment assurance to the suppliers in the agri ecosystem. Their platform provides strength to the local ecosystem players (processors, distributors, and retailers) helping them to grow the business without affecting their margins thus creating a positive impact. We look forward to continuing our participation along their journey.”
The startup began its commercial rollout in September 2021, Since then, It has managed a Gross Transaction Value (GTV) of Rs 139.5 cr in the fiscal year 2021-22, with a positive profit after tax (PAT).
Notably, Ayekart has reached the GTV of Rs 250 crores in the last 11 months, operating in 13 states across India with over 10,000 MSMEs and retailers onboard.
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