Rural vehicle marketplace Tractor Junction Thursday announced that it has raised $5.7 million in a seed funding round co-led by Info Edge Ventures and Omnivore.
Existing investors AgFunder GROW Impact Fund and Rockstart AgriFood Fund also participated in the round, alongside angels including Vikram Chopra and Mehul Agrawal – the co-founders of Cars24, Vellayan Subbiah and Arun Venkatachalam from the Murugappa Group, and Sanjiv Rangrass, the startup said in a statement.
Founded in 2019 by Animesh Agarwal, Rajat Gupta, and Shivani Gupta, Tractor Junction is a digital marketplace to buy, sell, finance, and insure new and used tractors, farm equipment, and rural commercial vehicles.
Tractor Junction plans to use this funding for talent acquisition, development of financial services, and to launch physical stores for used tractor transactions across northern India, the statement added.
The startup claims to have recorded 7X growth in annual revenues over the last two years and has remained operationally profitable. In December 2021, it had also acquired rival marketplace TractorGuru.
INDIA DEAL MONITOR
Here are prominent venture capital transactions in India announced between April 20 and April 25, 2022.
