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Agritech startup BigHaat kicks off Series C round with $8.4M

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Agritech startup BigHaat has raised $8.4 million in Series C funding round co-led by Ashish Kacholia and RBA Finance and Investment Company. The round also saw participation of VPK Global, Anshul Anil Goel, Advik Tecnocommercial, Amee Shah Mehta, Rupaben Shailesh Mehta, Viren Ajit Joshi, Rohhan Viren Joshi and Nishchay Goel. The board at BigHaat has passed a special resolution and has allotted 6,186 Series C compulsory convertible preference shares (CCPS) at an issue price of Rs 1,12,366 each for a consideration of Rs 69.5 crore or $8.4 million, its regulatory filings with the Registrar of Companies show. Suresh Agarwal (on behalf of RBA Finance and Investment Company) and Ashish Kacholia co-led the round with an infusion of Rs 30 crore each. VPK Global and Anshul Anil Goel invested Rs 3 crore and Rs 1.5 crore, respectively. The remaining amount came from the investors mentioned in the beginning of the story. According to the startup data intelligence platform TheKredible, the company has been valued at Rs 470 crore or $56.5 million. This seems to be an ongoing funding round and it may raise more funds. BigHaat is an agritech startup which provides data-led crop advisory to farmers and helps them with distribution, marketing and operations. The firm also offers agriculture products including seeds, pesticides, fertilizers, pumps, tractors and growth promoters through its marketplace platform. Post-allotment of the fresh shares, Ashish Kacholia and RBA Finance and Investment Company acquired around 6.4% shares each in the company. JM FInancial remains the largest stakeholder in BigHaat with over 27% stakes. For complete captable and financial performance, head to TheKredible. BigHaat has raised around $29 million to date. In January 2022, it raised Rs 100 crore led by JM Financial along with existing backer Beyond Next Ventures. BigHaat has been growing at a rapid pace in the past couple of fiscal years and its gross revenue jumped 5.4X to Rs 643 crore during FY23 as compared to Rs 119.7 crore in FY22. Meanwhile, its losses also spiked 6.2X to Rs 35 crore in FY23 from Rs 5.65 crore in FY22.