PUNE: MeraTractor, a Pune-based agricultural mechanization start-up, has closed its pre-Series A funding round of Rs 5 crore, led by a group of investors in the angel funds space, as well as prominent executives in the financial services.
The newly raised funds will be utilized as growth capital in increasing dealership, business presence and enhancing technology to organize supply channels, the company said in a statement.
The newly-closed round of funding takes its total fundraise to Rs 7.25 crore.
“MeraTractor is looking at bridging the gap between a smallholder farmer and access to farm mechanization / financial products,” Sajith Abraham, Co-founder, MeraTractor, said.
The company works primarily in rural markets, through a hybrid physical stores and digital sales model for approved dealers to buy and sell tractors and other mechanised farm implements.
While MeraTractor does not own any of the assets, it facilitates the transactions through its platform.
The company has also tied up with multiple finance partners to help farmers with the required capital to buy tractors and other equipment....