Ayekart, a startup in agri-fintech, has raised $5.5 million in an equity and debt fund co-led by Caspian Debt, a corporate lending financial services company, and Siply, a microfinance platform that focuses on individuals.
According to a press statement from the company, the funds raised will be used to offer financial and technological support to conventional agribusinesses to help them grow faster.
Ayekart, a company founded in 2020, provides financial, technological, and supply chain management services to support the agribusiness industry. It also makes loans available through non-banking financial corporations (NBFCs) and other lenders for distributor and dealer financing as well as pre-shipment financing. Additionally, it enables firms to locate new markets.
With the Ayekart platform, the company claims to have assisted over 10,000 businesses and conducted transactions worth 130 crore in FY22. With operations in 13 cities, Ayekart has a gross transaction value (GTV) of Rs 139.5 crore in FY22. In the next five years, it wants to reach 15 nations and enable 10 million conventional businesses to adopt technology by providing them with financial support.