Menterra invests an undisclosed amount in FarmFolks
Bangalore, May, 2018: Menterra Social Impact Fund, an impact focused venture capital fund, has announced a new investment in FarmFolks. Artha Venture Challenge, an impact investment initiative of the Singh Family Foundation, has co-invested alongside Menterra.
TheBengaluru-based company is led by Lakshmipriyan V G, a veteranin the Fruit & Vegetable space. Farm Folks is targeting two majorproblems in the agri space. It is addressing supply chain inefficienciesand information asymmetry to provide fair and consistent market access forsmall farmers. The company is committed to delivering fresh, high qualityproduce to end consumers.
FarmFolkscurrently procures 900 MT of Fruits and Vegetables per month from its associatefarmers and delivers it to consumers by partnering with institutions andretailers like Tesco’s Star Bazaar, Big Basket, Namdhari Fresh, Nature Basket,Grofers and Aditya Birla’s MORE. Menterra funding will be used to invest ininfrastructure and expand reach to cover additional products and geographies.
Commentingon the investment, A.B.Chakravarthy, Principal, Menterra VentureAdvisors says “With growing awareness around pesticide residue freefresh fruit and vegetables, the demand will continue to increase. This is theright time for F&V sector to evolve along the lines of white revolution triggeredby Amul with consumers getting quality products and producers getting fairprice and market access. We believe in Lakshmipriyan and his team’s vision;they have exhibited strong execution- capability to lead Farmfolks to emerge asone of the promising F&V company in India, while positively impacting livesof small farmers.”
Commentingon the investment, Dr. Audrey Selian, Director-Artha Initiative says“We are delighted to co-invest with our partners at Menterra, in a company thatis using both technology and a model of high-touch inputs to increase theincome of farmers. This fits well with our vision to empower farmersthrough more lucrative farming. This creates a win, not only for them, butalso for consumers and the market at large.”
LakshmipriyanV G, Founder of FarmFolks says, “We are working towards getting our farmers to meet globalbenchmarks. We are also organizing separate groups of Organic Growers to bringthem under Organic Certification.” Lakshmipriyan added that “Menterra hasalready used its networks to unlock talent and debt capital in addition toequity investment. Beyond capital, we appreciate Menterra’s deep understandingof the farming sector. This partnership is perfectly in sync with the way weare looking at farmer engagement and their welfare”.