Newly raised funds to be utilised as growth capital in increasing dealership business presence and enhancing technology to organise supply channels.
MeraTractor, a Pune-based start-up and a ‘Phygital’ marketplace catering to farm mechanisation products, has raised Rs 5 Cr in Pre-Series A funding, bringing total capital raised to Rs 7.25 Cr post this round.
The funding round was led by Vibhor Sahare, CEO & Co-founder of ANS Commerce and Ex-CEO & Co-founder of Gaadi.com, Real Time Angel Fund and Digital Futuristic Angels Network. The newly raised funds will be utilised in increasing dealership network presence and enhancing technology to organise supply channels.
“We liked the holistic ecosystem approach that the MeraTractor team is using to solve structural issues in the used tractor space. It’s a unique niche within the broader agri-tech space that can have a substantial impact in democratising tractor ownership” said the lead investors.
Agritech start-up, MeraTractor is trying to create an entire ecosystem to become a one-stop solution for all stakeholders engaged in the farm mechanisation sector. Despite being asset-light, the company, which is a dealer-owned and company-operated model, controls the entire transaction and creates a sustainable business proposition for farmers, dealers, financiers and new tractor OEMs. Its dealership network is based out of rural locations which are slated to eventually become its gateway for tapping into the entire rural business opportunities related to them.
Commenting on the problem that the start-up is trying to solve, Sajith Abraham Co-founder MeraTractor said “There has been significant work in crop cultivation, in ensuring better yield, farm gate solutions and a push from the government to improve farmer income. However, farm mechanisation for Indian farmers of which over 85 percent are smallholders, has been vastly missed out because of purchase capabilities. This creates challenges starting from discovery, financial facilities, and other key milestones in the process, making it difficult for an unassuming farmer. As a solution, MeraTractor is looking at bridging the gap between a smallholder farmer and access to farm mechanisation/financial products.
Highliting the opportunities that lay ahead, Monak Gohel, Co-founder MeraTractor said, the farm mechanisation sector is on the verge of massive disruption and has created an environment or innovation that will help start-ups like MeraTractor address the inefficiencies in the sector. We believe farm power is an essential input in Agriculture; hence, we are excited about the fundraise as it will help us accelerate our journey in growing the network further by tapping into massive rural business opportunities that lie ahead.
