Tractor Junction, a Noida-based rural vehicle marketplace, has raised $5.7 million in a seed round co-led by Info Edge ventures and Omnivore.
The funding round also saw participation from existing investors AgFunder GROW Impact Fund and Rockstart AgriFood Fund, along with angels including Vikram Chopra and Mehul Agrawal (Co-founders of Cars24), Vellayan Subbiah and Arun Venkatachalam from the Murugappa Group Company.
As per the startup, it plans to use the fresh capital to ramp up hiring, develop financial services, and launch physical stores for used tractor transactions across northern India.
Tractor Junction | Rural Vehicle Marketplace
Launched by Animesh Agarwal, Rajat Gupta, and Shivani Gupta in 2019, Tractor Junction is a digital marketplace for farmers that enables them to buy, sell, finance, insure and service new and used tractors, farm equipment and rural commercial vehicles.
Speaking about the development, 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 is 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 in building scalable businesses.”
The Noida-based startup claims to be revolutionising the rural vehicle space by providing necessary information and vetted reviews on farm machinery, enabling users to compare shortlisted options, and bringing transparency in pricing.
Commenting on the development, Kitty Agarwal, Partner at Info Edge Ventures, said,
“The used tractor and farm equipment market is highly unorganised 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.”
The Noida-based startup claims to have experienced 7X growth in annual revenues and has remained operationally profitable over the last two years. Last year in December, it acquired rival marketplace TractorGuru, further strengthening its leadership in this space.
Need legal assistance for your startup? Just contact us.
Follow us and connect with us on Instagram, Facebook, Twitter and LinkedIn.