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Samunnati completes Rs 381 Cr in Pre-Series E funding

EntrackrEntrackr · 1m ago
Samunnati completes Rs 381 Cr in Pre-Series E funding
Medial

Samunnati, an agri enterprise focused on enabling inclusive growth across agri-value chains, has raised Rs 42.5 crore (around $5 million) in equity from Agri-Biz Capital Delaware LLC. This marks the first equity infusion for FY 2025-26 and brings the total Series E funding to Rs 381 crore. In the previous fiscal year, Samunnati raised $135 million in funding from several lenders, including USDFC, Credit Saison, Tata Capital, Poonawalla Fincorp, Hinduja Leyland Finance, Wint Wealth, Altifi, Alteria Capital, and Anicut Capital. Founded in 2014, Samunnati operates as a specialized agri value chain enabler offering customized financial and non-financial solutions. Its unique approach focuses on addressing the critical gaps in the agriculture ecosystem by linking farmers to markets, facilitating credit access, and improving farm productivity. The company works extensively with Farmer Producer Organizations (FPOs), agri SMEs, and agri-tech firms, serving over 6,000 farmer collectives and impacting millions of smallholder farmers across the country. With its presence in over 100 agri value chains and operations across more than 25 states, Samunnati’s product suite includes working capital finance, trade facilitation, supply chain solutions, capacity building, and market access support.

Fasal reports Rs 34 Cr revenue in FY24; earns 91% from fruit sales

EntrackrEntrackr · 11m ago
Fasal reports Rs 34 Cr revenue in FY24; earns 91% from fruit sales
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.

Unnati Agri crosses Rs 500 Cr revenue in FY24; losses widen marginally

EntrackrEntrackr · 1m ago
Unnati Agri crosses Rs 500 Cr revenue in FY24; losses widen marginally
Medial

Unnati Agri continued its growth momentum by crossing the Rs 500 crore revenue mark in the fiscal year ending March 2024. While its losses increased by 14% year-on-year, they remained under control during the same period. Unnati Agri’s revenue from operations increased by 30% to Rs 515 crore in FY24, from Rs 397 crore in FY23, according to its financial statements sourced from the Registrar of Companies (RoC). Unnati enables farmers to buy agri-inputs and sell produce directly to food processors and agribusinesses, generating 99% of its revenue from these transactions. It also offers pre- and post-harvest services along with working credit through a unified platform. On the expense side, material costs remained dominant at 88% of total expenses. These costs rose 27% to Rs 469 crore in FY24 from Rs 370 crore in FY23. Discount charges, tied to incentives and promotions, more than doubled to Rs 31 crore from Rs 15 crore. Employee benefits increased to Rs 15 crore, and other expenses rose to Rs 18 crore. Overall, the Orios Venture-backed firm’s total expense increased by 29% to Rs 533 crore in FY24 from Rs 412 crore in FY23. Despite the top-line growth, the company’s losses slightly widened to Rs 16 crore in FY24 from Rs 14 crore in FY23. Its ROCE and EBITDA stood at -17.19% and -2.03%, respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of operating revenue in FY24. Unnati’s total assets rose to Rs 144 crore in FY24, with current assets reaching Rs 141 crore. As of March 2024, the firm held Rs 34 crore in cash and bank balances, offering a liquidity buffer. According to startup data intelligence platform TheKredible, Unnati Agri has raised approximately $14 million in funding till date, having NABVENTURES and VSS Investco as its lead investors. Its co-founders, Amit Sinha and Ashok Prasad together own 44.6% of the company.

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