TechnifyBiz lands $2M seed funding from Omnivore & others, Technology News, ETtech

TechnifyBiz lands $2M seed funding from Omnivore & others
B2B food commodity marketplace TechnifyBiz has raised $2 million in seed funding from Omnivore and the Insitor Impact Asia Fund. Razorpay co-founders Shashank Kumar and Harshil Mathur also participated in the funding round.

TechnifyBiz cofounder Akash Sharma said that the capital raised will be used to double its base of SME food processors and farmer groups across the country as well as strengthen its supply clusters across Bihar, Maharashtra, Karnataka, Jammu, and Orissa.

“There is massive unmet demand for high-quality food commodities in India, which TechnifyBiz is helping to bridge by developing backend supply infrastructure and technology-enabled services,” Sharma said.

Started by Sharma and Abhishek Agarwal, TechnifyBiz is an online marketplace for non-perishable food commodities, including nuts, seeds, dry fruits, specialty grains, and honey. It works closely with SME food processors and farmer groups on the supply side and wholesale buyers on the demand side.

“TechnifyBiz’s supplier focus is creating tremendous value for farmer groups and SME food processors. Omnivore is excited to support the TechnifyBiz team as they organize value chains in their targeted food commodities” said Omnivore managing partner Jinesh Shah.

TechnifyBiz claims to be currently on a monthly revenue run rate of Rs 10 crore and hopes to cross Rs 75 crore of sales revenue in FY2019-20.

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