Reaping the benefits of technology
- Farmers all over India can enjoy greater business success with the expansion of 500-backed B2B food supply startup FarMart, which landed US$32 million in its latest funding round led by US venture fund, General Catalyst.
- What does this mean for farmers? FarMart removes intermediaries in the food supply chain by connecting farmers directly to retailers. To date, there are 60,000 retailers serving 2 million farmers on its mobile app.
- The startup will use the fresh funds to grow its digital distribution network across India and to export markets. It also plans to make key investments in research and development, automation, and technology.
- Alekh Sanghera, co-founder and CEO, said the startup is expected to grow faster over the next 18-24 months, with most of its growth coming organically. “We will also look at inorganic growth opportunities to help us widen our product portfolio, enhance our tech abilities, or to scale non-linearly by acquiring companies,” he added.
- Congratulations to the FarMart team!
- Read the full story in the Economic Times.
Driving used car ownership
- 500-backed Carsome has collaborated with Public Bank in Malaysia to provide automotive financing to the startup’s member Car Dealers and individual purchasers, making car ownership accessible to more Malaysians.
- Under the partnership, Public Bank will also extend financial products and services to Carsome’s customers.
- “Our vision has always been to create an end-to-end integrated online used vehicle ecosystem; our partnership with Public Bank brings us one step closer to that, as we are able to give more financing options to our customers and dealer-partners when they transact with us,” said Eric Cheng, co-founder and Group CEO of Carsome.
- In line with the vision of the Central Bank of Malaysia, the partnership will contribute to the overall development of a dynamic fintech ecosystem in the country by further reducing processing time, and minimizing physical documentation for the financing of vehicles.
- More details in The Edge Markets.
Uplifting quality brands in Asia-Pacific
- 500-backed e-commerce aggregator Una Brands, which operates in Australia, China, South Korea, Malaysia, and Indonesia, is ready to expand to its next big country.
- Where is the company headed next? It has set its sights on Thailand, where the gross merchandise volume (GMV) is estimated to top US$360 billion by 2025.
- Co-founder and CEO Kiren Tanna also told DealStreetAsia that it is working on its Series B fundraising and has already raised some money.
- Una Brands aims to have a total of 50 to 60 brands by the end of this year, with US$200 million in revenue altogether. According to Kiren, it is at over US$100 million in revenue now.
- Learn more about how Una Brands chooses its acquisition targets on DealStreetAsia.
