FarmJunction Marketing Pvt Ltd, which runs rural vehicle marketplace Tractor Junction, on Thursday said it has secured seed funding of $5.7 million (around Rs 43 crore) co-led by Info Edge Ventures and Omnivore.
Other investors who participated in this round include existing investors AgFunder GROW Impact Fund and Rockstart AgriFood Fund, with angel investors such as Vikram Chopra and Mehul Agrawal (Co-founders of Cars24), Vellayan Subbiah and Arun Venkatachalam from the Murugappa Group and Sanjiv Rangrass.
The Noida-based startup plans to deploy the fresh capital to hire more talents, development of financial services and launching physical stores for used tractor transactions across northern India.
“The rural vehicle ecosystem is at the cusp of a digital revolution and our team at Tractor Junction is excited to tackle the opportunity that lies ahead. We are humbled to have the confidence of marquee investors like Info Edge and Omnivore who bring a vast experience in building scalable businesses," said Rajat Gupta, Co-Founder of Tractor Junction.
Founded in 2019 by Animesh Agarwal, Rajat Gupta, and Shivani Gupta, Tractor Junction is a digital marketplace to buy, sell, finance, and insure new and used tractors, farm equipment, and rural commercial vehicles.
In December 2021, Tractor Junction acquired rival marketplace TractorGuru which provides information related to agriculture. Their other vertical Truck Junction provides details regarding commercial vehicles.
“The used tractor and farm equipment market is highly unorganized with a lack of established sales channels. As a result, farmers struggle with access to quality information and inventory for a relatively high-value purchase.
Tractor Junction is bringing convenience, transparency, and affordability to the farm equipment buying process, thus empowering farmers and creating a winning ecosystem for all stakeholders," said Kitty Agarwal, Partner at Info Edge Ventures.
