Sunday, 14 August, 2022

Agritech startup iFarmer raises $2.1m

Agritech startup iFarmer raises $2.1m

iFarmer, a full-stack agriculture platform providing agri based services to farmers, has recently raised $2.1 million (more than Tk 18 crore) in a new financing round, maintaining its accelerated growth.

IDLC Venture Capital Fund, the VC arm of IDLC Finance, one of the largest non-banking financial institutions in Bangladesh, led the financing round, said a press release.

 Millville Opportunities, a hedge fund firm based in New York, participated in the round.

Startup Bangladesh Limited, the flagship venture capital fund of the ICT Ministry under the Bangladesh Government, also participated in the financing round.

Bangladesh has about 16.5m farmers, and almost 80 percent are smallholders. The biggest challenges for farmers in Bangladesh are securing finance and good quality Agricultural inputs such as seeds, pesticides, fertilizers, etc., and then finding buyers to sell their produce.

iFarmer, which started its operations in 2019, is the largest agri-tech company in the country, offering solutions to these problems at scale. iFarmer facilitates retail and institutional funders to finance the farmers, and enables access to high-quality agri-inputs through a partnership with companies and retailers.

iFarmer works with nearly 2900+ Agri-input retailers to supply agriculture inputs, enabling the farmers to buy quality agro-inputs at an affordable price from nearby retailers.

iFarmer currently supplies 8000+ tons of agri produce directly procured from the farmers and then sells to institutional buyers, wholesale markets, and retailers.