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Exclusive: Agrostar raises fresh funds from existing investors

EntrackrEntrackr · 11m ago
Exclusive: Agrostar raises fresh funds from existing investors
Medial

Exclusive: Agrostar raises fresh funds from existing investors Agritech startup Agrostar has raised Rs 57.65 crore in a fresh round from existing investors. This is the first round of investment for the Accel-backed company this year. Agritech startup Agrostar has raised Rs 57.65 crore or $6.7 million in a fresh round from existing investors. This is the first round of investment for the Accel-backed company this year. The board at Agrostar has passed a special resolution to issue 1,45,397 compulsory convertible preference shares at an issue price of Rs 3,965 each to raise Rs 57.65 crore, its regulatory filing accessed from the Registrar of Companies shows. Existing investors Accel India, Evolvence, Chiratae Ventures, Hero Enterprises, Bertelsmann, and Aavishkaar India participated during the round. According to Entrackr’s estimates, the company has been valued at around $293 million post-allotment. Agrostar operates as a comprehensive platform catering to farmers, offering both online and offline channels for farm advisory solutions and agricultural inputs. Agrostar generates revenue from the sale of agri inputs. Agrostar has raised over $110 million to date, including $70 million Series D led by Schroders. According to the startup data intelligence platform TheKredible, before this round, Chiratae Ventures was the largest external stakeholder, followed by Aavishkaar Capital, Accel, and Bertelsmann. The company last filed its financial statements in FY22, where it recorded 88.4% year-on-year growth to Rs 260 with the loss of Rs 142 crore in the same period. It competes with Ninjacart, DeHaat, and Waycool. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

AgroStar crosses Rs 850 Cr revenue in FY25; cuts losses

EntrackrEntrackr · 8d ago
AgroStar crosses Rs 850 Cr revenue in FY25; cuts losses
Medial

AgroStar crosses Rs 850 Cr revenue in FY25; cuts losses AgroStar continued its steady growth and crossed Rs 850 crore in operating revenue in the fiscal year ended March 2025. The Pune-based firm also reduced its losses by 56% during the same period. AgroStar’s operating revenue increased by 14.2% to Rs 853 crore in FY25 from Rs 747 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). AgroStar runs a full-stack agritech platform that sells agri-inputs such as seeds, crop protection and nutrition products, while using AI-led and expert advisory to drive farmer engagement and repeat purchases. It also enables limited output linkages through brands such as Kimaye. Revenue from product sales accounted for 97% of operating revenue and rose 14.5% to Rs 827 crore in FY25. Income from services stood at Rs 13 crore, while other operating income also contributed Rs 13 crore during the year which took its total income to Rs 864 crore in FY25. On the spending side, the cost of materials remained the largest expense and accounted for 56% of the expense. To the tune of scale, this cost increased 6% to Rs 567 crore in FY25 from Rs 535 crore in FY24. Transportation costs rose 31% to Rs 145.5 crore, while employee benefit expenses declined marginally to Rs 108 crore. Depreciation expenses fell sharply by 72.3% to Rs 57 crore. Finance costs increased to Rs 36 crore in the period. Overall, AgroStar reduced its total expenses by 7.4% to Rs 1,008 crore in FY25 from Rs 1,089 crore in FY24. With steady revenue growth and cost control measures helped Agrostar to cut its losses by 56% to Rs 143.5 crore in FY25 from Rs 327 crore in FY24. Its ROCE and EBITDA margin stood at -140.48% and -7.15% respectively. On a unit basis, the company spent Rs 1.18 to earn a rupee of operating revenue during the fiscal year, compared to Rs 1.46 in FY24. As of March 2025, AgroStar reported cash and bank balances of Rs 120 crore, while its current assets stood at Rs 437 crore. AgroStar has raised about $186 million to date, including a $30 million round led by Just Climate. Its investors include Aavishkaar India, Bertelsmann, Evolvence India, Chiratae Ventures, and Hero Enterprises. It competes with Ninjacart, DeHaat, and WayCool.

18 Agritech Startups Disrupting Agricultural Landscape In India

Inc42Inc42 · 1y ago
18 Agritech Startups Disrupting Agricultural Landscape In India
Medial

India's agritech startups are poised for a fourth revolution in the agricultural sector. With a total market opportunity estimated at $24 billion by 2025, these startups are leveraging technologies like the Internet of Things (IoT) and artificial intelligence (AI) to transform the country's farming industry. Some noteworthy agritech startups in India include AgroStar, offering agriculture solutions through a content-led commerce platform; BigHaat, providing technical guidance and high-quality inputs to farmers; CropIn, a SaaS-based platform for digitizing farm operations; and DeHaat, offering end-to-end agricultural services. Other notable startups include Ergos, Eeki Foods, and Ninjacart, among others.

Exclusive: Waycool raises $12 Mn debt from Grand Anicut

EntrackrEntrackr · 1y ago
Exclusive: Waycool raises $12 Mn debt from Grand Anicut
Medial

Waycool, the Chennai-based agriculture supply chain firm, has raised Rs 100 crore (about $12 million) in debt financing from Grand Anicut. This is the first major infusion in the company in the last two years. The board at 1,000 Series B6 debentures at an issue price of Rs 10,00,000 each to raise Rs 100 crore or $12 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The debt carries a coupon rate (interest) of 18% per annum with a tenure of 18 months. The company plans to use the funds for ongoing business operations, according to the filings. This debt round is a significant breakthrough for Waycool, as the company has been struggling to raise an equity round. Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for fast moving consumer goods or FMCG companies. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. It was also negotiating for more than $50 million which could have propelled its valuation in the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round. To cut costs, the firm also laid off 200 employees across departments as the company was eyeing profitability by July this year. Waycool registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 whereas its losses surged by 89% to Rs 685 crore during the same period. It’s yet to file an annual report for FY24. The debt funding for Waycool highlights the scarcity of equity capital for agritech startups. Notably, three companies—Waycool, Dehaat, and Ninjacart—have been close to achieving unicorn status for the past couple of years. However, the sector has yet to produce its first unicorn. According to startup data intelligence platform TheKredible, agritech remains one of the least funded segments in 2024, with over 30 startups raising only $150 million by September. This follows a challenging trend, as last year saw just $178 million in agritech funding, a steep decline from $772 million in 2022 and $636 million in 2021. On Monday, agritech firm Greenikk shut down its operations due to operational challenges.

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