AGRIM, a B2B agri-inputs platform, Secured $17.3 million in Series B funding headed by Asia Impact and including Kalaari, India Quotient, Omnivore, and Accion Venture Lab.
According to a news statement from the company, AGRIM plans to utilize the money to improve its technology, broaden its product line, and grow its business in order to become the go-to supplier for manufacturers and agri-input dealers all over the nation.
For the Gurugram-based firm, Kalaari led a $10 million Series A investment in February 2022.
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AGRIM, which was founded in April 2020 by Avi Jain and Mukul Garg, offers solutions for marketing, distribution, credit, and logistics while putting retailers in direct contact with manufacturers. It functions in a number of agri-input categories, such as agricultural tools, seeds, fertilizer, crop protection, and animal nutrition.
Currently, the platform serves and informs 15 million farmers by providing more than 30,000 SKUs from 1,200 manufacturers to 25,000 shops.
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AGRIM uses a pricing intelligence technology to determine the right rates for goods from manufacturers, keeping a 10% to 70% margin for itself.
TheKredible, a startup data intelligence platform, reports that the company’s operating income increased by about 2.5 times to Rs 157.36 crore in FY23 from Rs 64.6 crore in FY22. Its losses over that time increased to Rs 28 crore, a 64% increase. The yearly financial reports for FY24 have not yet been filed.
Among the largest funding rounds for agritech firms this year is $17.3 million given to AGRIM. Superplum raised $15 million last month, compared to Arya.ag’s $29 million. As of August 30, just $150 million had been raised by entrepreneurs in the agritech industry through more than 30 deals, indicating a drop in funding.
About AGRIM
AGRIM, For Agri-Inputs, they are developing a B2B e-commerce platform that unites manufacturers and small merchants on a single platform. The objective is to connect 40K+ small to large scale manufacturers with the huge and loyal retailer network, enhance the supply chain, and make it possible for 1M+ agri-input retailers to find superior quality items at the right price and receive on-time delivery.
