New Delhi: Agri-tech start-up TechnifyBiz has raised over $2 million ( ₹14 crore) in seed funding from Omnivore and the Insitor Impact Asia Fund. Shashank Kumar and Harshil Mathur, co-founders of Razorpay, also invested in the round.
The Delhi-based company, founded by Akash Sharma and Abhishek Agarwal, is backed by angel investors such as R. Narayan, founder of power2Sme; Rajneesh Gupta, director of Aakash Namkeen and Indigram Group.
The current round of funding will help TechnifyBiz double its base of small and medium enterprises, food processors and farmer groups across the country, and strengthen its supply clusters across Bihar, Maharashtra, Karnataka, Jammu, and Orissa, a press release quoted co-founder Agarwal as saying.
A digital B2B marketplace for non-perishable food commodities, including nuts, seeds, dry fruits, specialty grains, and honey, TechnifyBiz helps farmers to directly sell these produce, eliminating middlemen like traders and dealers from the chain of trade. While suppliers including farmers benefit by increasing their overall value realization from more efficient processing and aggregated volumes, customers benefit from transparent daily pricing, consistent quality, and faster delivery timelines.
Current customers include Big Bazaar, Haldirams, Grofers, BigBasket and Flipkart. The startup expects to cross ₹75 crore in revenues in the ongoing financial year.