MUMBAI, 13 September 2022: Ayekart, a startup in the agri-fintech sector, has raised USD 5.5 million from Siply, a fintech platform, and Caspian Debt, a corporate lending financial institution. The Latter provided about USD 2.5 million in debt financing, and former provided over USD 2.8 million in equity finance.
The new funds will be used by Ayekart to support the expansion of established companies in the food and agri industry financially and technologically.
In September 2021, Ayekart, which was established in December 2020, began its commercial deployment. By using technology, finance, and supply chain management, the platform seeks to boost conventional businesses and the agri-value chain.
The firm asserted that it generated a PAT (profit after tax) of positive INR 139.5 Cr in FY22 and had a high Gross Transaction Value (GTV).
Debarshi Duttam CEO and cofounder of Ayekart said that “The company constantly thrives to enable the best of its services through finance, technology, and services for the betterment of FPOs, farmer communities, and traditional businesses.”
He continued, "The firm will use the funding to strengthen its ecosystem to fulfill the needs of small and conventional vendors, dealers/distributors, farmer communities, millers, processors, distributors, and retailers."
At the moment, Ayekart is active in 13 different states. By the third quarter of 2022, it intends to enter the export market. It is striving to make 10 million traditional enterprises financially and technologically viable.
Ayekart also intends to extend its services to 15 additional nations during the following five years.
Avishek Gupta, managing director and CEO of Caspian Debt, said “Ayekart plays a significant role in providing new market avenues as well as payment assurance to the suppliers in the agri ecosystem. Their platform provides strength to the local ecosystem players (processors, distributors, and retailers) helping them to grow the business without affecting their margins thus creating a positive impact.”
Image credit: intueriglobal.com
