Noida-based rural vehicle marketplaceTractor Junction has raised $5.7 million in a seed round. The round was led by Info Edge ventures and Omnivore. The list of existing investors highlights AgFunder GROW Impact Fund and Rockstart AgriFood Fund.
Tractor Junction is planning to utilize the fresh capital in many ways like:
- To ramp up hiring,
- Develop financial services, and
- Inaugurate physical stores for used tractor transactions across northern India.
Tractor Junction was founded by Animesh Agarwal, Rajat, and Shivani Gupta in the year 2019. Tractor Junction is a digital marketplace to purchase, get rid of, finance, and insure new and used tractors as well as farm equipment and rural commercial vehicles.
Tractor Junction claims that it transformed the rural vehicle space by facilitating necessary information and vetted reviews on farm machinery, enabling users to compare shortlisted options, and getting transparency in pricing.
The startup also claims to have experienced 7 times growth in annual revenues and has remained profitable over the last 2 years. In the last year, the startup portal had over 30 million visitors.
EXECUTIVE OPINION:
Rajat Gupta, Co-founder of Tractor Junction, said, “The rural vehicle ecosystem is at the cusp of a digital revolution and our team at Tractor Junction are excited to tackle the opportunity that lies ahead. We are humbled to have the confidence of marquee investors like Info Edge and Omnivore who bring vast experience of building scalable businesses.”
Kitty Agarwal, Partner at Info Edge Ventures, said, “The used tractor and farm equipment market is highly unorganized with a lack of established sales channels. As a result, farmers struggle with access to quality information and inventory for a relatively high value purchase. Tractor Junction is bringing convenience, transparency, and affordability to the farm equipment buying process.”
