Agritech startup Falca has secured funding worth more than $3 million from Inflection Point Ventures (IPV). High-net-worth individuals(HNIs), Mumbai Angels, and LetsVenture all contributed to the pre-series A fundraising.
The business said that it will put the money into hiring new employees, growing, and developing its technological infrastructure. “Through the tech-based Phygital platform, we directly collaborate with farmers and provide them with end-to-end agricultural solutions. In order to facilitate transactions worth Rs. 1.4 billion, we are now working with 100,000 farmers, more than 60 input manufacturers, and over 65 corporate purchasers” said Santosh Danegoudar, the CEO and creator of Falca.
Falca gives farmers the option of selling their goods directly to customers without incurring additional expenses like logistics, middlemen, or packaging, the company claimed in a statement. It provides complimentary analytical support for the weather, supply-demand imbalances, market prices, and ideal harvest periods. The Falca platform allows agricultural businesses to list their goods.
According to Vinay Bansal who is the founder, and CEO of Inflection Point Ventures, “Falca seeks to educate farmers through its platform and make them knowledgeable about the use of technology for cultivation and the advantages that Falca has to offer to earn a better livelihood and successful farming business.IPV seeks to further improve the support for the farming community with FALCA.”
By exporting high-quality goods and commodities, agriculture technology (agritech) supports the Indian economy. Currently, $375 billion is spent on the agriculture industry. Only 1% of agritech is being addressed today, but it is predicted to reach $24 billion by 2025, Falca stated.