Bengaluru-based fresh produce supply chain management firm GS Farm Taaza Produce Pvt. Ltd has raised $8 million from Hong Kong-based Epsilon Venture Partners and IL&FS Investment-managed Tara India Fund IV.
Existing investors including former iGate CEO Phaneesh Murthy and former Asia-Pacific chief of Intel Capital Sudheer Kuppam, who founded Epsilon Venture, also participated in the Series A round of funding.
Farm Taaza, founded by Kumar Ramachandran in August 2015, had earlier raised over $1 million seed investment from angel investors.
The company plans to use the latest funding for technological upgrades as well as expanding its operations across south India. At present, the B2B company supplies products to retail stores, kirana shops, and hotels, restaurant and catering firms across Bangalore, Chennai and Hyderabad.
“We want to enable a seamless supply chain from farm to store and our next focus will be to leverage machine learning, AI and data analytics for improved decision making,” said Kumar Ramachandran, CEO of Farm Taaza.
Last year, Farm Taaza had reportedly acquired two agri supply-chain startups, including Kaivalya Farms and Farm Exotica for deeper penetration in South India.
Farm Taaza competes with Chennai-based NinjaCart, which has raised $5.6 million from Accel Partners, and Nandan Nilekani’s NRJN Trust in April this year. Also in April, fresh-produce distribution startup Waycool secured $2.7 million funding from Aspada Investments.