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Efarm sells stake to Mumbai Angels
By SiliconIndia | Thursday, 05 May 2011, 00:36 Hrs
Chennai: Chennai based MVS Efarm, which operates warehouses and website that matches demand from customers with farmers, sold about 25 per cent stake in the company to Mumbai Angels. It is the first such investment by the grouping of 120 early-stage investors in a farm-related venture and the fund will be used to hire people to set-up low cost collection centers in Pondicherry, Coimbatore and Bangalore close to villages and distribution centers in metros.
Founded in 2007 by Venkata Subramanian and his wife Srivalli Krishnan, the company collects produce from 3,000 farmers and serves bulk consumers of agri-produce such as hotels, caterers, retail chains, food-processing industries and vegetable vendors. They even have a retail outlet for the Indian army.
Mumbai Angels have invested for the first time in an Agri sector company. This funding is done to reduce the cost of wastage in farm products such as vegetables, grains and fruits that sometimes are up to 40 per cent due to the supply-chain problems and lack of infrastructure such as warehouses and refrigerated trucks to transport the produce results.
Source: WSJ
Founded in 2007 by Venkata Subramanian and his wife Srivalli Krishnan, the company collects produce from 3,000 farmers and serves bulk consumers of agri-produce such as hotels, caterers, retail chains, food-processing industries and vegetable vendors. They even have a retail outlet for the Indian army.
Mumbai Angels have invested for the first time in an Agri sector company. This funding is done to reduce the cost of wastage in farm products such as vegetables, grains and fruits that sometimes are up to 40 per cent due to the supply-chain problems and lack of infrastructure such as warehouses and refrigerated trucks to transport the produce results.
Source: WSJ
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