Farmstock Technologies Pvt Ltd, which operates agritech platform Krishify, on Tuesday said it has raised $6.2 million (around Rs 46 crore) in a pre-Series A round led by venture capital fund Omnivore.
Other investors who participated in the funding include existing investors Ankur Capital, Omidyar Network India and Orios Venture Partners.
The company plans to use the fresh funds for boosting pan-India growth and to further refine the technology .It also looks to Ramo up monetisation on the network via advertising, lead generation, and marketing services for companies targeting rural consumers.
Founded in 2019 by IIT alumni Rajesh Ranjan, Manish Agrawal, and Avinash Kumar, the platform focuses on a digital marketplace for farm inputs and a network of over a million farmers.
“More and more Indian farmers are connecting via Krishify every day, as the network breaks down geographic barriers and helps people interact to access knowledge and do business.
We recently met a third-generation guava farmer in Rajasthan who was selling record numbers of guava saplings to farmers across Bihar, Madhya Pradesh, and Maharashtra who only could have ever discovered him through the Krishify app," said Rajesh Ranjan, Co-Founder of Krishify.
Krishify claims to be India’s largest social network for farmers and rural communities with over 6.5 million downloads and 1.3 million monthly active users on its platform.
Last year, Ankur Capital invested around Rs 10-15 crore in Krishify. It also raised Rs 19.7 crore (approximately $2.7 million) in a round led by Omidyar Network India, Ankur Capital and Orios Ventures in the same year.