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Agritech startup Arya.ag gets $19.8 Mn debt commitment from DFC

EntrackrEntrackr · 8m ago
Agritech startup Arya.ag gets $19.8 Mn debt commitment from DFC
Medial

Grain commerce platform Arya.ag has secured a $19.8 million commitment from the United States International Development Finance Corporation (DFC) to guarantee a debt facility for its agri-commerce subsidiary, Aryatech. Arya.ag has become the first agritech startup to get close to secure two financing rounds in 2024, following a $29 million equity raise in July. The new funds will bolster Arya.ag’s capacity to connect farmers and farmer producer organizations (FPOs) with buyers nationwide, ensuring payment security, transaction transparency, and better market access, as noted in the company’s press release. Arya.ag connects sellers and buyers of agricultural products, facilitating efficient commerce and reducing waste to benefit the entire market. By integrating warehouse discovery, farmgate-level storage, finance, and market linkages, the company offers an end-to-end solution that builds trust across the agricultural value chain. Currently operating in 60% of India’s districts, Arya.ag manages over 11,000 agri-warehouses and claims to aggregate and store $3 billion worth of grain annually, while facilitating the disbursement of over $1.5 billion in loans to smallholder farmers, FPOs, and other stakeholders. Arya.ag reported a profit for the fiscal year ending March 2023. The company’s gross scale grew by 49.48% year-on-year to Rs 290 crore in FY23, while its profit surged 11-fold to Rs 7.58 crore during the same period. According to the company, its net revenue rose to Rs 360 crore in FY24, with a net profit of Rs 17 crore. Arya.ag has yet to file its audited annual report for the last fiscal year. Arya.ag competes with companies like DeHaat, Ninjacart, and Bijak. Following a substantial fundraising boom in 2021 and 2022, agritech startups are now facing challenges in securing venture capital for larger funding rounds. Data compiled by TheKredible indicates that agritech startups have raised approximately $170 million across more than 30 deals in 2024 to date.

Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn

EntrackrEntrackr · 1y ago
Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn
Medial

Online astrology platform AstroTalk has raised Rs 78.3 crore or $9.5 million in an extension of its Series A round from existing investors Left Lane Capital and Elev8 Capital. The board at AstroTalk has passed a special resolution to issue 5,067 compulsory Convertible preference shares to raise Rs 78.3 crore or $9.5 million, its regulatory filing accessed from the RoC shows. Left Lane Capital pumped Rs 58.3 crore while Elev8 Capital participated with Rs 20 crore. This seems to be the tranche of a larger round. AstroTalk is reportedly in talks to raise $30 million. As per TheKredible’s estimates, the company has been valued at around Rs 2,478 crore or $300 million post-money which is a 33.3% increase from its last round. The valuation will go up with the flow of funds. AstroTalk has raised Rs 172 crore to date including Rs 166 crore or $20 million in its Series A round in February. Entrackr was the first to report the development. AstroTalk is a platform to consult astrologers via the internet, call, and chat and claims to have 13,000 astrologers, tarot readers, numerologists, and Vastu experts. The platform lets users connect with the aforementioned experts for future predictions related to marriage, love life, career, and health among others. Left Lane Capital baked firm had demonstrated strong financial performance in FY23 as its revenue grew 146% to Rs 283 crore. At the same time, AstroTalk’s profits spiked 41.7% to Rs 8.5 crore. As per the current average revenue run rate, the company is projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. The company is yet to file its audited financial results for FY24. As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. The notable names include Ustav App, DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period. SriMandir’s parent company AppsForBharat is also in talks to raise $15 million in a new round. Entrackr exclusively reported the development last month.

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