Indian agtech startup SmartFarms Agritech raised $?1.5 million from angel investors. The company is developing a mobile app that’s to help farmers sell their crops for the best price and tells farmers which vendors are providing the best rates. With the app, overall farming costs could be reduced by 20%.
SmartFarms Agritech develops technology that aims to improve agriculture logistics and distribution. The company provides end-to-end logistics solutions to farmers which eliminates all the middlemen, thus reducing costs for farmers and increasing their incomes.
In order to expand operations across India, SmartFarms Agritech raised $ 1.5 million from angel investors. The pre-series A funds was led by angel investor Sunkara Subba Rao from management consulting firm Renous Consulting.
In a statement Smart Farms said the raised capital will be invested in hiring senior level management, upgrading technology and expanding operations. The startup is also in talks to raise another round of pre-Series A funding from a new set of investors in the coming weeks.
“With our integrated system we are able to eliminate the middlemen and provide end-to-end logistics solutions to farmers, which brings them extra income,” said SmartFarms founder Satish Sehrawat.
The company is also developing a mobile application that’s to show farmers where to sell their crops for the best price and which vendors are providing the best rates, thus increasing their income.
Text continues underneath image
“This is to encourage more young people to become a farmer. At the moment, young people aren’t interested in farming because they feel they won’t be able to make enough money,” Sehrawat added.
“Using our technology, farmers will be able to reduce their overall farming costs by 20%,” Sehrawat stressed.
Recent developments and investments in Indian agritech sector