• September 24, 2022

Indian Fintech Startup Ayekart Raises Fund to Fuel Agri Biz

Indian Fintech Startup Ayekart Raises Fund to Fuel Agri Biz

Media Press Today: A fintech startup for the agricultural and food industry, with the help of corporate lender Caspian Loans and microfinance service provider Siply, has announced that it has raised capital of $5.5 million, comprising equity and debt. The fintech startup, Ayekart, is a firm that launched in December 2020 to assist agricultural and food-related businesses in digitizing their operations, obtaining financing, and managing their supply chains.

The company claimed the money would aid in expanding its customer base and getting them closer to its long-term objective of providing technology and loans to 10 million small and medium-sized enterprises over the next five years. It is also planned to start selling abroad before the year’s end.

Debarshi Dutta, CEO and co-founder of Ayekart, stated that the new fund would be used to improve the company’s ecosystem, which would, in turn, help local and family-run businesses such as shops, markets, farms, mills, processors, distributors, and retailers (in food and Agri sector). He pointed out that, given their current circumstances, this would only increase distributions.

According to Siply’s CEO and co-founder Sousthav Chakraborty, the company partnered with Ayekart because it believes its technology and knowledge will improve the agri-ecosystem.

In making the funding announcement, Avishek Gupta, MD & CEO of Caspian Debt, highlighted how Ayekart had helped small businesses in the agriculture value chain by opening up new market opportunities and providing payment assurances to the suppliers. He was confident in his claim that “their platform delivers the strength to the local ecosystem actors” (Producers, Distributors, and Retailers), allowing them to expand their operations without negatively impacting their profit margins.

Fintech startup Ayekart, which debuted on the market in September 2021, generated a profit after taxes of Rs 139.5 cr and a GTV of Rs 139.5 cr in the fiscal year 2021-22. (PAT). They closed the angel round of funding in the same month, bringing in around Rs 5.5 crores. In just 11 months, they’ve expanded to 13 Indian states and onboarded over 10,000 MSMEs and retailers, reaching a GTV of Rs 250 crores.

 
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