AGRIM Secures $17.3 Million in Series B Funding to Boost Agri-Tech Expansion

AGRIM, a B2B platform specializing in agri-inputs, has secured $17.3 million in its Series B funding round. The investment, led by Asia Impact SA, includes contributions from existing backers such as Kalaari Capital, India Quotient, Omnivore, and Accion Venture Lab. Unitus Capital served as the financial advisor for the transaction.

The funds will be used to support AGRIM’s technology, enhance its service offerings, and expand its operations nationwide. 

Founded in April 2020 by Mukul Garg and Avi Jain, AGRIM has quickly become a prominent player in the agritech sector. The India-based startup operates as a B2B platform, connecting agri-input retailers with manufacturers to streamline the distribution of agricultural products. 

The platform covers various agri-input categories, including seeds, fertilizers, crop protection, animal nutrition, and farm implements. AGRIM currently offers over 30,000 SKUs from 1,200 manufacturers to 25,000 retailers, serving and educating 15 million farmers.

The startup’s Series B funding will enable it to enhance its technological infrastructure and expand its operations. AGRIM plans to upgrade its digital platform to improve user experience and support more advanced features. This technological enhancement aims to create a more efficient marketplace for farmers and retailers, facilitating smoother transactions and better access to high-quality products.

In addition to technology upgrades, AGRIM will use the funds to broaden its geographical reach and expand its product inventory. This strategic growth is intended to meet the diverse needs of farmers across India and increase AGRIM’s market presence. The startup’s recent financial performance indicates major growth, with operating revenue nearly doubling to ₹157.36 crore in FY23, though losses also increased to ₹28 crore.

Mukul Garg, previously the co-founder of travel app Tripigator, and Avi Jain, co-founder of AGRIM, bring considerable entrepreneurial experience to the startup. With the support from Asia Impact SA and other investors, AGRIM aims to transform the agricultural supply chain through technology. 

AGRIM’s $17.3 million funding round is notable as one of the highest for agritech startups this year. In comparison, Arya.ag raised $29 million last month, and Superplum secured $15 million. Despite this raise, there has been a noticeable decline in overall agritech funding, with startups in the sector collectively raising just $150 million across more than 30 deals as of August 30.

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