AGRIM Secures $17.3 Million in Series B Funding to Strengthen Agri-Inputs Platform
Gurugram-based agritech startup AGRIM has secured a significant investment of $17.3 million in its Series B funding round, led by Asia Impact, with participation from existing investors such as Kalaari, India Quotient, Omnivore, and Accion Venture Lab. This funding round aims to strengthen the technology and offerings of the platform, as well as expand its operations to become a preferred partner for agri-input retailers and manufacturers across the country.
The funding is the latest milestone for AGRIM, which received $10 million in Series A funding back in February 2022 led by Kalaari. Founded in April 2020 by Mukul Garg and Avi Jain, AGRIM operates as a B2B platform for agri-inputs, connecting retailers directly with manufacturers to provide solutions for distribution, credit, logistics, and marketing. The platform operates across various agri-input categories, including seeds, fertilizer, crop protection, animal nutrition, and farm implements.
Currently, AGRIM offers over 30,000 SKUs from 1,200 manufacturers to 25,000 retailers, who serve and educate more than 15 million farmers. The company employs a pricing intelligence model to set appropriate prices for products from manufacturers, taking a margin ranging from 10% to 70%. According to startup data intelligence platform TheKredible, the company registered a 2.5-fold jump in its operating revenue to Rs 157.36 crore in FY23 from Rs 64.6 crore in FY22, although losses surged 64% to Rs 28 crore during the same period.
With this new funding, AGRIM is set to become a major player in the agritech space, which has seen a decline in funding in recent times. As of August 30, startups in the space have managed to raise only $150 million across over 30 deals this year. However, AGRIM’s $17.3 million funding is among the highest for agritech startups this year, following close on the heels of Arya.ag’s $29 million raise and Superplum’s $15 million funding last month.
