Harvesting Farmer Network, which helps farms at credit risk, raised $4 million in a funding round.
Social Capital, a Silicon Valley-based technology investment firm, provided the capital, which marks Harvesting Farmer Network’s first institutional investment.
These funds will enable the FinTech company to reach over 120 million smallholder farmers across India, as well as explore opportunities in Indian rural markets.
Harvesting Farmer Network was founded during the Covid-19 pandemic to reduce friction between farmers and buyers, initially by allowing them to connect directly on Twitter.
Since then, more than 500 million crops, consisting of more than 360 crop varieties, have been listed on the Harvesting Farmer Network platform across all Indian states.
The FinTech company helps Indian smallholder farmers easily purchase high-quality and affordable agricultural inputs, through financial services such as loans and insurance, as well as sell their crops to domestic and international customers.
As of August 2022, over 3.7 million farmers were digitally connected to the Harvesting Farmer Network platform. These farmers have increased their crop income by 2.5 times, said Harvesting Farmer Network.
HFN Founding CEO Ruchit G Garg said, “At HFN, our goal is to help farmers realize their full potential by reducing the plethora of inefficiencies in the agricultural value chain. Simple and widely available technologies like WhatsApp and Twitter have allowed us to create huge data-driven farmer cooperatives, allowing farmers to negotiate better rates for agricultural inputs and more competitive prices for produce.
“Our farmer-focused approach has allowed us to build a unique relationship of trust with our farmer partners, giving us a solid foundation for long-term growth. With this new support from Social Capital, we will be able to accelerate our growth and scale our platform as we seek to give India’s 120 million smallholder farmers the opportunities they deserve.
Earlier in the year, Social Capital joined the $30 million pre-Series A funding round, comprised of equity and debt.
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