Bengaluru-based GS Farm Taaza Produce Pvt. Ltd (Farm Taaza), a B2B eCommerce enterprise in the Fresh Produce (Fruits & Vegetable) segment, has received a shot in the arm with a Series A funding led by Hong Kong based Epsilon Venture Partners. The company started operations in August 2015 after raising seed funding from Silicon Valley based Angel investors. With operational centers in Bengaluru, Chennai and Hyderabad and collection centers in Chickballapur, Ooty, Krishnagiri, Olakoor and Mettupalayam, the company plans to bring efficiency to an ecosystem that historically never utilized technology.
Announcing the development, Kumar Ramachandran, CEO, Farm Taaza said, “We are pleased to announce a Series A funding of $8 million in GS Farm Taaza, from multiple investors including Epsilon Venture Partners, Tara India Fund IV (managed by IL&FS Investment Managers Limited), and others who participated in the seed round. This funding will enable us to scale the business through deployment of our technology platform for better efficiency. We want to enable a seamless supply chain from farm to store and our next level focus will be to leverage machine learning, AI and data analytics for improved decision making.”
Over the last couple of years, Farm Taaza has engaged in over ten thousand hours of experimentation and iterations which have resulted in the company becoming a highly reliable partner for all front end players whether they are modern retail, traditional kirana, ecommerce (B2C) or HoReCa (Hotels-Restaurants-Catering). Kumar Ramachandran further elaborated that where the value drivers including volatile prices, fragmented suppliers, perishability and quality are diverse and category specific, one needs to experiment effectively, implement fast and keep adapting to iterations in an agile manner.
“We believe that the next phase of innovation in the Indian eCommerce segment is in the B2B space. Farm Taaza’s adoption of best-in-class technology platform brings much needed end-to-end efficiency to the critically important $20B annual fresh produce markets, while reducing spoilage and pilferage. The greatest potential comes from the digitization of its supply chain – automation, data management, collaborative planning and forecasting, smart sourcing and product tracking all of which make Farm Taaza more responsive, agile and transparent.” said Mahesh Vaidya, General Partner, Epsilon Venture Partners.
Currently more than 1,400 farmers are associated with Farm Taaza to supply over 150 varieties of fruits and vegetables.