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Axis Bank backed AGRIM’s revenue surges 2X in FY23

  • May 13, 2024
  • By Team TheKredible
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B2B agritech company AGRIM recorded a 2.4X revenue rise to Rs 159 crore in the fiscal year ending March 2023 from its preceding fiscal’s Rs 65 crore.

Its revenue from operations had a similar scale up. In FY23 it generated over 98% of its overall income from operations.

The financials for FY23 pertain solely to the performance of a single entity of the company on a standalone basis.

Based out of Gurugram, AGRIM was incorporated by Avi Jain and Mukul Garg to infuse the traditional supply chain with technology and modern retail practices. The platform connects retailers directly with manufacturers and provides all parties with solutions for distribution, credit, logistics, and marketing.

It works across agri-input categories, including seeds, fertilizer, crop protection, animal nutrition, and farm implements.

As for expenses, employee benefits took up over Rs 14 crore while transportation and distribution costs took over Rs 5 crore. Legal and professional charges cost over Rs 1 crore.

This pushed the fiscal’s overall expenditure to Rs 187.4 crore, a 2.3X surge from FY22’s Rs 82.3 crore.

The e-commerce firm last raised over Rs 5 crore in an extended Series A round led by Axis Bank in the early months of 2022.

Post the infusion of the round, founders Mukul Garg and Avi Jain were the largest shareholder with over 20% shares each. Investor Omnivore followed with over 11% shares in the company.

It has additionally seen support from the likes of Kalaari Capital, Omnivore, India Quotient and angel investors like Co-founder of Blackbuck, and Rahul Jaimini, Co-founder of Swiggy among others.

The four year old firm’s losses spiked 64% to Rs 28.3 crore in FY23 as compared to the preceding fiscal’s Rs 17 crore. Its ROCE dropped to -152.33% in the same fiscal while its EBITDA improved to -17.01%.