BharatAgri reported a 64% increase in revenue, reaching Rs 5.4 crore in FY24, up from Rs 3.3 crore in FY23.
Founded in 2017 and headquartered in Bengaluru, BharatAgri is a farming technology platform offering tech-powered agronomy advisory to help farmers implement scientific techniques and increase farm incomes. By leveraging over 30 data points, it delivers personalized, season-long guidance through video content bridging the gap between traditional farming and modern technology.
BharatAgri has raised a total of Rs 129.92 crore across seven funding rounds, with the latest being a Series A round in October 2023. Co-founders Siddharth Dialani and Sai Gole hold 11.90% and 12.30% stakes respectively, while Indian Quotient owns 16.61% and ESOP/MSOP accounts for 10.88%.
The company’s total expenses declined by 8.7%, reaching Rs 27.4 crore in FY24, down from Rs 29 crore in FY23. Employee benefit costs rose to 41.5% of total expenses in FY24, up from 32.75% in FY23. Advertisement costs also increased to 21.2% from 19%. Meanwhile, cost of materials rose to 6.2% from 1.2%, while depreciation expenses declined to 1.2% from 2%.
BharatAgri’s net loss narrowed to Rs 22 crore in FY24 from Rs 25.7 crore in FY23. Its EBITDA margin improved to -402.94% from -770.95% in the previous year. ROCE also showed a positive trend, improving to -86.03% in FY24 from -122.17% in FY23.