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Angels invest in farMart to bring Indian farmers into the sharing economy

Nearly 60 percent of rural Indians depend on agriculture, with most tending less than 2.5 acres of land. Equipment is largely unaffordable or inaccessible.

FarMart, launched last year, lets farmers with underutilized equipment rent to those in need, offering the machinery on a pay-per-use basis.

The Indian Angel Network (IAN) made an undisclosed investment to help the Gurgaon-based startup expand from one district to 20 in four Indian states. “Farming as a service,” or FaaS was introduced in India by EM3Agri Services several years ago.

The concept is growing in the U.S. as well, with companies like HarvestPort and FarmLink attracting millions of dollars from investors.

This post originally appeared in ImpactAlpha’s daily newsletter. Get The Brief.

Photo credit: YourStory

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