Bengaluru based agritech startup BigHaat witnessed a massive 5.4X growth in its top scale in the fiscal year ending March 2023.
It generated more than Rs 640 crore through operations, contributing more than 99% to its overall revenue of Rs 645.1 crore.
The sale of goods took up a majority of this, contributing over Rs 600 crore, while the sale of services brought in about Rs 97 lakhs the same year.
It had previously generated an overall revenue of Rs 120 crore in FY22 with the sale of products and commission contributing over 99% of it.
BigHaat is an agritech startup which leverages science, data, and technology to provide data-led crop advisory to farmers. Additionally, it also helps farm produce buyers with distribution, marketing and operations with data-driven business intelligence.
It operates as an online marketplace platform offering agriculture products including seeds, pesticides, fertilizers, pumps, tractors, growth promoters, among other sector related products.
Following the spike in revenue, a similar growth could be seen in terms of the company’s expenses. The firm witnessed a 5.3X rise in its expenditure to Rs 672.1 crore in FY23 as compared to Rs 127 crore incurred in FY22.
With a group of other expenses costing a majority of about Rs 630 crore, employee benefits and transportation and distribution charges took up about Rs 17 crore and over Rs 7 crore respectively.
The 2015 founded platform recently secured its pre-Series C funding round led by the likes of Ashish Kacholia RBA Finance and Investment Company earlier this year.
Post the infusion of the round, while JM Financial became the largest shareholder with over 25% of the company’s shares, founders Sateesh Nukala and Sachin Nandwana held over 12% and 11% respectively.
Prior to this, it had raised an undisclosed amount in a debt round led by BlackSoil held in 2022.
The platform’s losses widened a whopping 6.2X to Rs 35 crore in FY23 as compared to its preceding fiscal’s Rs 5 crore. While its current EBITDA margin improved to -3.19%, its ROCE dropped to -29.58%.