Ayekart, an integrated tech platform in the food and agri value chain, has raised $ 5.5 million through an equity and debt fund round. Caspian Debt, a corporate lending financial services company, and Siply, a tech-enabled platform providing micro financial services, participated in the funding round.
Founded in December 2020, Ayekart attempts to strengthen traditional businesses in the agri-value chain through finance, tech and supply chain management. Following its commercial rollout in September 2021, it did a Gross Transaction Value (GTV) of Rs 139.5 crore in FY 2021-22. In the same month, it raised approximately Rs 5.5 crore through an angel funding round.
Talking about the recent fund infusion, Ayekart’s CEO and co-founder, Debarshi Dutta said that the start-up will use it to strengthen its ecosystem to fulfil the need of small and traditional vendors, dealers, distributors, farmer communities, millers, processors, distributors and retailers. “This will further boost disbursements, given the various opportunities that we have at present,” he added.
The Mumbai-based start-up claims to have onboarded over 10,000 MSMEs and retailers on its platforms and conducted Rs 130 crore worth of transactions in 2021-22. Sousthav Chakraborty, CEO and co-founder of Siply stated that his company found that Ayekart was adding value to the agri-ecosystem through the right mix of technology and expertise.
“Hence, we decided to partner with them in this endeavour. We expect to continue building our exposure to Ayekart as we both scale our partnership,” he opined.
Avishek Gupta, managing director and CEO of Caspian Debt, is also delighted to support Ayekart's growth journey of empowering small businesses in the agriculture value chain. “Ayekart plays a significant role in providing new market avenues and payment assurance to the suppliers in the agri ecosystem. Their platform provides strength to the local ecosystem players helping them to grow the business without affecting their margins, thus creating a positive impact,” he added.
Ayekart currently has operations across 13 Indian states and plans to tap into the export market by Q3 2022. It is working towards its goal of enabling 10 million traditional businesses technologically and financially, along with globalising its services to 15 countries in the next five years.