NEW DELHI: Pune-based startup MeraTractor, which is a phygital marketplace catering to farm mechanisation products, has raised Rs 5 crore from investors.
With the latest Pre-Series A funding round, the startup has so far raised Rs 7.25 crore.
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 company said in a statement.
Some of the marquee investors that participated in the funding round were Gaurav Gupta - CEO of Adani Capital, Shashank Kumar - Co-founder of Dehaat, Amrendra Singh - Co-founder of Dehaat, Avinash Kumar - Founder of Credenc and Arvind Kumar - Business Head of Agri division at Force Motors.
The amount will be used in increasing dealership network presence and enhancing technology to organise supply channels, it 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 mechanization for Indian farmers, of which over 85 per cent are smallholders, has been vastly missed out because of purchase capabilities," Sajith Abraham, Co-founder of MeraTractor, said.
Monak Gohel, Co-founder, MeraTractor, said, the farm mechanization sector is on the verge of massive disruption and has created an environment for innovation that will help startups like MeraTractor address the inefficiencies in the sector.