Agtech startup Cropin reported a revenue of Rs 35.76 crore in FY24, a 19% increase from Rs 30.18 crore in FY23. However, the company’s net loss narrowed to Rs 62.88 crore in FY24, compared to Rs 83.88 crore in FY23, as expenses dropped to Rs 98.64 crore in FY24 from Rs 114.06 crore in FY23.
Founded in 2010 and headquartered in Bengaluru, Cropin has revolutionized the agriculture sector with its flagship product, Cropin Cloud, the world’s first purpose-built industry cloud for agriculture. Cropin Cloud enables stakeholders to digitize operations, use predictive intelligence, and make effective decisions to improve farming efficiency, productivity, and sustainability. Over the years, Cropin has partnered with 250+ B2B customers, digitized 16 million acres of farmland, and impacted the livelihoods of 7+ million farmers globally.
Employee benefits constituted 52.90% of total expenses in FY24, slightly up from 52.06% in FY23. Advertisement costs dropped significantly to 0.38% of expenses in FY24 from 3.43% in FY23. Depreciation costs fell to 0.62% of expenses in FY24 from 0.91% in FY23, while finance costs declined to 1.45% in FY24 from 2.43% in FY23.
Cropin’s financial metrics reflect its ongoing investment phase, with a negative EBITDA margin of -170.04% in FY24, improving from -265.26% in FY23. However, its ROCE fell to -81.03% in FY24 from -58.37% in FY23.
The company has raised a total of Rs 405.81 crore across 15 funding rounds, with its latest funding in December 2022 during a pre-Series D round. Key shareholders include co-founders Krishna Kumar (7.83%) and Kunal Prasad (5.99%), ESOP/MSOP holders (6.19%), Google (5.46%), and Beenext (6.40%).