[Funding alert] Agritech startup Farmers Fresh Zone raises Rs 6 Cr in pre-series A round led by IAN
Agritech startupthat made its name in the market with ‘Know Your Farmer’ using traceability tech has raised Rs 6 crore in pre-series A round through existing investors.
The round was led by Indian Angel Network (IAN), with participation from IAN Fund, Malabar Angel Network, and Native Angel Network.
With this round, the company has so far raised Rs 8.5 crore.
The Kochi-based startup said it will use the funding to expand to cities across South India, hire new talent, develop infrastructure, and strengthen the R&D to enhance traceability with Blockchain and AI based-predictive demand driven growing of FnV for farmers.
Coming from an agricultural family, Pradeep PS, Founder and CEO of Farmers Fresh Zone, realised the need for a marketplace for farmers to sell their agriculture produce directly to the consumers. This prompted the software engineer to turn into an agri entrepreneur to establish Farmers Fresh Zone in 2015.
The D2C fresh FnV online marketplace also adopted a two-pronged approach, wherein, on one side, consumers can track the origin of a product, including details of the farms, and on the other, farmers will receive the right rates for their produce.
Moreover, through its technological interventions, startup is working relentlessly to provide enhanced user experience, building cutting-edge solutions to improve supply-chain efficiency, and collecting data to analyze yield prediction and profit calculation.
Speaking on the development, Pradeep PS, Founder and CEO of Farmers Fresh Zone said,
“The Indian fruits and vegetable sector is valued at $100 billion, of which a staggering 96 percent is fragmented and disorganised. At Farmers Fresh Zone, we are building a supply chain that offers a superior customer experience. We ensure our customers get safe-to-eat and pesticide-free products, and that our farmers get the right rates for their produce."
We provide them data-based predictive information about the existing demand in the market to eliminate any wastage. We are grateful to have received this funding from marquee investors. We are also thankful to the Kerala Start-Up Mission that played an important part in anchoring this deal. In the coming years, we aim to emerge as the #1 player in the premium fruits and vegetable segment of South India, with key focus in offering health and wellness based products.”
Since its establishment in 2018, the agri-tech startup has connected over 3,000+ farmers to urban users through its omni-channel presence. Recently, Farmers Fresh Zone has expanded operations to Tamil Nadu and now has a presence in Kochi, Thiruvananthapuram, Kottayam, Thrissur, and Coimbatore.
Seeing 300 percent growth in D2C brand building, Farmers FZ is eyeing to close a $5M series A round and has engaged an ibanker already.
Commenting on the investment, Nagaraja Prakasam, Lead Investor at IAN and board member of Farmers Fresh Zone said, “FFZ has consolidated its position strongly during the pandemic by moving 100 percent online and away from physical stores. Growing 600 percent during this time, FFZ is well positioned to crack the D2C fresh FnV space comparable to how on-demand meat delivery has taken off in the country. FFZ is leaving no stone unturned in ensuring the best quality products to their consumers, and helping farmers sell pesticide-free products while securing fair rates for their produce."
"Recently, FFZ was recognised by the UN for its low carbon initiative. We are pleased to make this contribution and hope the company achieves its goals and marks its presence globally,” he added.