IBEF: January 15, 2020
TechnifyBiz, a digital B2B food commodity marketplace raised about Rs 14 crore (US$ 2 million) from Omnivore and Insitor Impact Asia Fund in its seed funding round. Investments were also made by Mr Shashank Kumar and Mr Harshil Mathur, co-founders of digital payment company Razorpay in this round.
TechnifyBiz was co-founded by Mr Akash Sharma and Mr Abhishek Agarwal and is based on B2B market for non-perishable food commodities, consisting of nuts, seeds, dry fruits, specialty grains and honey. The start-up works directly with SME food processors and farmer groups to obtain these products and sells to wholesale buyers, retailers and processed food companies. The investment from other angel investors consist Mr R Narayan (Power2SME), Mr Rajnish Gupta (Aakash Namkeen), and Indigram Labs.
Mr Abhishek Agarwal, Co-founder of TechnifyBiz said, "The current round of funding will help us double our base of SME food processors and farmer groups across the country, and strengthen our supply clusters across Bihar, Maharashtra, Karnataka, Jammu, and Orissa."
"There is massive unmet demand for high quality food commodities in India, which TechnifyBiz is helping to bridge by developing back-end supply infrastructure and technology-enabled services," Mr Sharma added. It is expected that the marketplace platform will reach the Rs 75 crore (US$ 10.73 million) mark in terms of sales revenue by the end of FY 2019-20, the statement added.
Mr Jinesh Shah, Managing Partner of Omnivore, said, "Omnivore is excited to support the TechnifyBiz team as they organise value chains in their targeted food commodities." Mr Abhijit Nath, Country Manager of the Insitor Impact Asia Fund, added, "We believe TechnifyBiz has the ability to create a scalable, high impact business that is focused on reducing inefficiencies in the agricultural supply chain."
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.