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CultYvate records 2X hike in revenue in FY24, losses shrink

  • October 23, 2024
  • By Team TheKredible
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CultYvate recorded more than a 2X hike in revenue in FY24, rising to Rs 3.24 crore from Rs 1.31 crore in FY23.

Founded in 2016 by Mallesh T.M. and Bhavana M., CultYvate offers a full-stack digitization platform integrating IoT, AI, and satellite technology for precision farming. Its platform connects with devices like field sensors and wireless cameras, using AI to translate farm data into automated on-field actions.

The Bangalore-based Agritech company has raised a total of Rs 5 crore over two funding rounds, with the latest being a pre-Series A round in April 2022 led by SiriusOne Capital. The company is currently valued at over Rs 12 crore.

Competing with Agrosmart and Intello Labs, Mallesh Tigali holds the majority share of CultYvate at over 40%, followed by key shareholders Bhavana Mallesh, Arun Kumar, and SiriusOne Capital. Around 4% of shares are allocated under ESOP.

In line with the revenue rise, expenses also increased to Rs 4.09 crore in FY24 from over Rs 3 crore in FY23. Employee benefits accounted for more than 30% of expenses, with the cost of materials and legal and professional fees also contributing significantly.

The company’s losses shrank to Rs 89.08 lakh in FY24, down from over Rs 2 crore in FY23.

CultYvate’s current EBITDA margin and ROCE though still negative, improved to -18.88% and -22.32%, respectively.