Feb 16: Ayekart, a FinTech and integrated digital technology platform startup has bagged $6.5 million in a Series A funding to strengthen its technological capabilities and expand its operations to reach a larger number of farmer-producer organisations, food manufacturers, distributors, and retailers.
The startup founded in 2020, Ayekart offers fintech and supply chain solutions for the agricultural food value chain sector. So far the firm has secured $6.29 million in funding involving five rounds.
Ayekart boasts a team 150 people spread in six locations in India. Its founders include Debarshi Dutta, Ashutosh Singh, Milind Borgikar, Kunjal Thackar, and Anand Mugad. The firm reported a Gross Trade Value (GTV) of ₹657 crores for the fiscal year 2022-2023, recording a remarkable growth of nearly 5X compared to the previous year. The company had claimed the momentum will continue in the current fiscal year, with the company already surpassing its previous GTV record.
“Ayekart’s focus on empowering agri-food MSMEs with its cutting-edge technological approach resonates deeply with our investment philosophy,” said Jinesh Shah, Managing Partner at Omnivore.
Ayekart facilitates 2.5 Lakh Transactions
The Fintech firm has a presence in 18 Indian states and has over 9,000 active merchants on its platform facilitating 2.5 lakh transactions. Ayekart claimed it has been profitable ever since its inception.
Commenting on the fundraising, Debarshi Dutta, Co-founder and CEO of Ayekart, said, “We understand the critical pain points that agri-food MSMEs face—the need for market linkages, access to finance, and an efficient technology ecosystem to enhance their businesses. To address these challenges, we have developed innovative fintech solutions tailored to empower FPOs and agrifood MSMEs.”
Agtech funding is rebounding, and investors are looking for startups with economic value propositions and solutions that improve agricultural practices.
The fresh funding round for the fintech firm was led by Omnivore, Siana Capital, and Unleash Capital Partners.
