Unitus Capital was the exclusive financial advisor to the company for the transaction. With this round, the total amount of equity money raised by Ayekart stands at around $8.7 million.
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Founded in December 2020, Ayekart launched its commercial operations in September 2021 and has since expanded into a team of over 150 members operating across six locations.
The Mumbai-based startup provides financial and supply chain solutions for traditional businesses operating in the agri-food value chain.
Currently Ayekart operates in 18 states and works with over 9,000 active merchants on its platform. It has successfully facilitated more than 2.5 lakh transactions with over Rs 2,100 crore of gross traded value since inception. According to the company financials accessed through Tracxn, it had reported a total revenue of Rs 643 crore in FY23 with a net profit of Rs 10 lakh.
Ayekart was founded by Debarshi Dutta, Ashutosh Singh and Milind Borgikar. While Dutta was with MasterCard, BPC Banking Technologies, and Fino Payments Bank, Singh managed educational operations for multinationals like Pearson. Milind Borgikar is a software engineer who worked at Tata Consultancy Services, IBM and Vodafone.
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“We understand the critical pain points that agri-food MSMEs face – the need for market linkages, access to finance, and an efficient technology ecosystem to enhance their businesses. To address these challenges, we have developed innovative fintech solutions tailored to empower FPOs and agrifood MSMEs,” said Debarshi Dutta, cofounder and CEO of Ayekart.
