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Agritech startup Fasal raises Rs. 100 Cr in funding led by TDK Ventures, British International Investment
Economic Times
·
1y ago
Medial
Agritech startup Fasal has raised $12 million in a funding round led by TDK Ventures and British International Investment. The Bengaluru-based company provides Internet-of-Things-crop intelligence technology to horticulture farmers, helping them reduce water consumption, pesticide usage, and greenhouse gas emissions while increasing yields. Fasal plans to expand its presence to 500,000 acres and offer additional services like crop insurance and working capital to farmers. The startup has also launched a B2B marketplace, Fasal Fresh, to connect farmers directly with consumers.
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Fasal reports Rs 34 Cr revenue in FY24; earns 91% from fruit sales
Entrackr
·
1y ago
Medial
Agritech startup Fasal raised $12 million led by TDK Ventures and British International Investment (BII) in December last year. The significant funding seems to have given cushion to the six-year-old firm which earned only Rs 58 crore since its inception in 2018. Fasal’s revenue from operations increased 89% to Rs 34 crore in FY24 from Rs 18 crore in FY23, as shown in its annual financial statements filed with the Registrar of Companies (RoC). Founded in 2018, Fasal leverages AI, crop sciences, and IoT to deliver crop-stage-specific intelligence which optimizes resources and enhances productivity. Despite such strong focus on tech, only 9% of the firm’s total revenue ~Rs 3 crore came from these services. Meanwhile, Fasal made 91% of its revenue from selling fruits. For the agritech model which eventually converted into a supply chain, the cost of procurement was naturally the largest cost center which accounted for 47% of the overall expenditure. To the tune of scale, this cost increased 83% to Rs 33 crore in FY24. Its employee benefits, legal, advertising cum business promotion, packaging, forwarding, and other overheads pushed the overall cost to Rs 70 crore in FY24 from Rs 52 crore in FY23. See TheKredible for the detailed cost breakup. At Rs 30 crore, the increase in fruit sales helped Fasal to contain its losses in FY24. Its ROCE and EBITDA margin hovered at -45.7% and -80%, respectively. On a unit level, the firm spent Rs 2.06 to earn a rupee in the fiscal year ending March 2024. FY23-FY24 FY23 FY24 EBITDA Margin -146.32% -80% Expense/₹ of Op Revenue ₹2.89 ₹2.06 ROCE -163.53% -45.71% Fasal has raised $18 million to date including its pre-series of $4 million in 2021. According to the startup data intelligence platform TheKredible, Omnivore is the largest external stakeholder with 15.99% followed by 3One4 Capital. See TheKredible for the complete shareholding pattern. By now, far too many agritech startups have followed the same pattern. Start off with a heavy on tech proposition that promises to disrupt farming itself, before discovering it’s just too difficult to move the needle there. And while at it, spot an alleged opportunity in price arbitrage between farmer rates and retail rates, and turn a seller. For one, this pattern is flawed simply because most of these startups are mistaken if they think they can negotiate better than the established network of traders on the ground. That is probably why we see startups allegedly selling farm fresh fruits and veggies still retailing stuff that can be a 100% premium to the push cart based sellers. On top of that are quality issues of depending on luck versus the hand picked comfort of buying yourself. Finally, the search for margins leads to a gradual spread of the portfolio or Sku’s, a surefire recipe to burn through funding faster. If it’s ever going to work, it might work for a handful of startups. For the rest, we have to wonder just what it will take.
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Japanese VC fund UTEC leads Series A funding in Blume-backed Aerem
VCCircle
·
4m ago
Medial
Mumbai-based Aerem Solutions Pvt Ltd, specializing in solar project financing and services, raised Rs 100 crore ($11.7 million) in Series A funding led by Japan's UTEC, along with British International Investment, SE Ventures, Riverwalk Holdings, Blume Ventures, and Avaana Capital. The funding supports Aerem's expansion across India and its platform enhancement. Aerem has over 2,000 installation partners and facilitated over 800 megawatts of solar capacity since its inception in 2021 by Anand Jain and Vikesh Agarwal.
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FlexiLoans raises Rs 375 Cr in Series C funding round
YourStory
·
1m ago
Medial
FlexiLoans, an SME lending platform, secured Rs 375 crore in Series C funding led by existing and new investors like British International Investment. The capital includes primary equity and secondary transactions for investor liquidity. The funds will expand operations, product development, and tech infrastructure to support MSMEs in India. Founded in 2016, FlexiLoans utilizes a digital platform and a proprietary tech stack to provide financial solutions, focusing significantly on Tier II and III cities to enhance financial inclusion.
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Euler Motors raises Rs 638 Cr in Series D funding round
Entrackr
·
2m ago
Medial
Euler Motors raises Rs 638 Cr in Series D funding round Commercial electric vehicle manufacturer Euler Motors has raised Rs 638 crore (approximately $75 million) in its Series D round, led by Hero MotoCorp, along with participation from existing investor British International Investment (BII). This latest infusion will be instrumental in expanding the company’s sales and service network, while advancing new product development to accelerate India’s commercial EV adoption. Last month, the company announced a $60 million investment from Hero MotoCorp. Entrackr also reported that British International Investment and Caladium Investment (GIC) contributed Rs 96 crore ($11.3 million) and Rs 32 crore ($3.76 million), respectively, in the Series D round. According to Entrackr’s estimates, Euler Motors' valuation remains flat at $176 million. Euler Motors has secured investments from prominent backers such as Blume Ventures, Athera Partners, Asian Development Bank Ventures, and the Piramal Alternatives India Access Fund. With the latest funding round, the company's total capital raised stands at approximately Rs 1,420 crore. Launched in 2018, Euler Motors specializes in the production of EV three-wheelers. The company has seen strong adoption across the e-commerce, retail, and logistics segments, backed by a growing portfolio of electric vehicles, including the HiLoad EV and the StormEV. “This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ execution and products. With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand,” said Saurav Kumar, founder and CEO of Euler Motors. Euler Motors reported a more than threefold increase in operating revenue year-on-year to Rs 189 crore in FY24 from Rs 62 crore in FY23. Despite this growth, the company posted a loss of Rs 227 crore during the same period. Euler competes with players like Altigreen, Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.
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Agritech Startup Fasal’s FY24 Revenue Jumps 89% to INR 34.1 Cr
Inc42
·
1y ago
Medial
Agritech startup Fasal has reported a 89% increase in operating revenue for the financial year ending March 2024. Fasal, founded in 2018, provides AI and IoT solutions for precision horticulture and crop-specific intelligence to optimize resources and increase farm productivity. The company's total expenses increased by 34.6%, resulting in a net loss of INR 34 Cr for FY24. Fasal aims to provide high-quality, traceable produce and optimize the entire value chain.
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Beyond Capital backs Clinikk, Fasal; QuID Cash, Curie Money, Seekho get funding
VCCircle
·
7m ago
Medial
Indian startups Clinikk and Fasal have received investments from venture capital firm Beyond Capital Ventures. Both startups successfully raised funding during BCV's second fund deployment. Clinikk, a full-stack healthcare services provider, plans to use the investment to expand its primary healthcare operations and develop new products. Fasal, an agritech platform, will use the funding to expand domestically and internationally, as well as diversify its business streams. Additionally, fintech startups QuID Cash and Curie Money have secured early-stage funding, with QuID Cash receiving $4.5 million and Curie Money raising $1.2 million. Seekho, an OTT learning platform, has raised $8 million in a Series A funding round led by Lightspeed Venture Partners.
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Consumer brands Superk, Woodsmen and agritech platform Elevate raise early stage funds
VCCircle
·
1y ago
Medial
Indian consumer brands Superk and Woodsmen, along with agritech platform Elevate, have successfully raised funds in their respective funding rounds. Superk, a franchised retail chain operating in small towns in India, raised $6 million in a series A round led by Blume Ventures. Woodsmen Mountain Whiskey manufacturer, Ginglani Distillers, secured Rs 12.5 crore in a series A funding round, with participation from Finfirst Group and Anthill Ventures. Finally, agritech firm Elevate Foods raised $525,000 in seed funding led by Wavemaker Impact, to facilitate small-scale Indian farm-gate processors' access to international markets.
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Tiger Global-backed Battery Smart raises $33 Mn in pre Series B
Entrackr
·
2y ago
Medial
Battery swapping network Battery Smart has raised $33 million in a pre-Series B funding round. The round saw participation from the startup’s existing investors Tiger Global and Blume Ventures and new investors The Ecosystem Integrity Fund (EIF) and British International Investment (BII).
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Agritech startup Grow Indigo raises $10 million from British International Investment
Economic Times
·
4m ago
Medial
Agritech startup Grow Indigo secured $10 million from British International Investment to expand sustainability initiatives in India, focusing on carbon farming and farmer enrolment. Founded in 2018, Grow Indigo collaborates with scientists and farmers to promote practices like direct-seeded rice and no-tillage farming. The firm has enrolled over 2.5 million acres across seven states, aiming to include millions more. The funding supports regenerative agriculture, improving soil health and providing carbon credits for farmers.
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Omnivore, BII-backed agritech firm Fasal divesting unit to Innoterra
VCCircle
·
5m ago
Medial
Agritech firm Fasal, backed by Omnivore and others, is divesting its fresh produce distribution business to Swiss-Indian food-tech firm Innoterra. Innoterra aims to leverage Fasal’s extensive farmer network for expanding operations in Bengaluru and Chandigarh, offering premium, traceable produce. Fasal will refocus on providing IoT-enabled farming solutions. Innoterra anticipates Rs 80 crore revenue in FY25 from the fresh fruits business, with plans for further expansion and adoption of precision agriculture practices.
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