[Funding alert] Rural vehicle marketplace Tractor Junction nets $5.7M in seed funding from Info Edge Ventures, Omnivore
Noida-based rural vehicle marketplace, Info Edge ventures and Omnivore., on Thursday announced that it has raised $5.7 million in a seed round co-led by
Existing investors AgFunder GROW Impact Fund and Rockstart AgriFood Fund also participated in the round, along with angels including Vikram Chopra and Mehul Agrawal — the Co-founders of Murugappa Group Company., Vellayan Subbiah and Arun Venkatachalam from the
As per the official release, the startup plans to use the fresh capital to ramp up hiring, develop financial services, and launch physical stores for used tractor transactions across northern India.
Rajat Gupta, Co-founder of Tractor Junction, said,
“The rural vehicle ecosystem is at the cusp of a digital revolution and our team at Tractor Junction are excited to tackle the opportunity that lies ahead. We are humbled to have the confidence of marquee investors like Info Edge and Omnivore who bring vast experience of building scalable businesses.”
Launched in 2019 by Animesh Agarwal, Rajat, and Shivani Gupta,is a digital marketplace to buy, sell, finance, and insure new and used tractors as well as farm equipment and rural commercial vehicles.
Animesh, an IIM Shillong alumnus, was previously leading the North India operations of, and earlier in his career worked for Mahindra’s farm equipment business across sales, channel development, digitisation, and strategy roles. Rajat earlier ran a Mahindra tractor dealership, before initially bootstrapping Tractor Junction together with Shivani Gupta in their hometown of Alwar, Rajasthan.
Tractor Junction claims that it is revolutionising the rural vehicle space by providing necessary information and vetted reviews on farm machinery, enabling users to compare shortlisted options, and bringing transparency in pricing.
Kitty Agarwal, Partner at Info Edge Ventures, said,
“The used tractor and farm equipment market is highly unorganised with a lack of established sales channels. As a result, farmers struggle with access to quality information and inventory for a relatively high value purchase. Tractor Junction is bringing convenience, transparency, and affordability to the farm equipment buying process.”
The startup also claims that it has experienced 7X growth in annual revenues and has remained operationally profitable over the last two years. In December 2021, Tractor Junction acquired rival marketplace TractorGuru (farm machinery portal), further strengthening its leadership in this space.
In the last 12 months, the Tractor Junction portal had over 30 million visitors.