Agritech platform Falca, on October 6, raised over $3 million in a pre-series A round led by Inflection Point Ventures, along with debt and equity funding. The round also saw participation from LetsVenture and Mumbai Angels, among other high-net-worth individuals (HNIs).
In a statement, Falca said it will use the new fund to scale the services beyond the current geographies, hire talent, and focus on building tech infrastructure for the platform.
Founded in 2018 by Santosh Danegoudar, Falca is a rural agritech supply chain platform offering farming solutions to small and marginal farmers. Falca said it provides services starting from quality and authentic inputs to avail machinery on rent, market linkages, feasible storage solutions, advisory, and technologies for enhancing farm productivity.
"We are working with over 1,00,000 farmers currently along with more than 60 Input manufacturers and over 65 corporate buyers enabling transactions worth Rs 1,400 million," said Santosh Danegoudar, also the chief executive officer (CEO) of Falca.
Falca claimed to have reached Rs 100 crore in revenue as a bootstrapped company. The startup said it helps these farmers sell their produce at a better price from their fields without extra overhead costs like logistics, middlemen, and packaging directly to consumers.
“This (increasing farmers’ income) has emerged as a large market opportunity for agri-tech startups…Falca aims to educate the farmers through its platform and make them well-versed in the usage of technology for cultivation, to make a better living and profitable farming business. Along with its virtual support, the company now has its offline presence ‘Falca Rural Service Points’ with 30 centres,” said Vinay Bansal, founder, and CEO, Inflection Point Ventures.
The agritech startup said its platform also offers analytical support for free such as weather conditions, supply-demand gaps, market prices, and suitable harvest times. In addition, Falca said other agricultural companies can also list their products and commodities through the platform.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
