Agri-inputs platform AGRIM raises $10mn in Series A Round 

AGRIM, a B2B platform for agri-inputs, announced that it has raised $10 million in Series A funding. The round was led by Kalaari Capital, with participation of Omnivore, India Quotient, and Accion Venture Labs. 

Axis Bank also joined the round as part of their Bharat Banking initiative. AGRIM plans to use the funding for talent acquisition, embedded fintech product development, and scaling up operations. 

The company aims to build a digital platform for India’s $50 billion agri-inputs industry by connecting retailers directly with manufacturers for distribution, credit, logistics, and marketing. AGRIM works across agri-input categories, including seeds, fertilizer, crop protection, animal nutrition, and farm implements. 

“In the last 15 months, we have achieved product-market fit. This investment will help us expand exponentially into new categories and geographies. Given the unit-level profitability, most funds will be used to bring rock stars onboard and launch embedded fintech services for our retailers,” Mukul Garg, Co-Founder and CEO of AGRIM.

The company wants to provide solutions to the limited assortment of goods, poor availability, opaque pricing, spurious product quality, and the high cost of working capital for rural agri-input retailers. 

It said that agri-input manufacturers struggle to grow their businesses, increase the penetration of their products across geographies, manage working capital, and optimise logistics. 

AGRIM claims to cut across the existing multi-tier distribution system and deliver quality inputs via efficient fulfillment services. AGRIM currently works across 500 districts, with over 2,500 manufacturers and 170,000 retailers on the platform. 

The start-up expects to clock annualised GMV (gross merchandising value) of $100 million in 2022 and wants to increase stock-keeping units by 10 times to reach 250,000 SKUs across agri-input categories.

“Axis Bank is focused on creating a distinctive ‘Bharat Bank’ unit with tailored products and processes for rural segments. Investment in AGRIM is aligned to our Bharat Banking strategy and we look forward to building a strong partnership by providing suitable banking products and services to their customers,” said Munish Sharda, the Group Executive & Head of Bharat Banking at Axis Bank.