Agritech startup, CultYvate reports a revenue surge of 2.4x, reaching Rs 3.24 Crore in FY24 from Rs 1.31 crore in FY23.
Bengaluru-based CultYvate, a pioneering precision AgTech startup, has made strides in empowering Indian farmers through IoT, AI, and machine learning. Established in 2016, the company leverages technology to enhance crop yields by 60% while reducing water usage by 40%. Its platform integrates field sensors, AI subsets, and satellite data to automate farm operations and improve efficiency.
CultYvate has raised a total of Rs 9.05 crore in funding across 3 rounds, with the most recent round completed in April 2023. Co-founders Mallesh T.M. (46.06%), Bhavana M. (12.25%), lead the company, while SiriusOne Capital holds a 7.54% stake, and an ESOP pool accounts for 5.20%.
The company’s expenses grew modestly by 6.5%, totalling Rs 4.09 crore in FY24 compared to Rs 3.84 crore in FY23. Employee benefit costs, though reduced, remained a significant expense at 37.94% of total costs in FY24, down from 46.51% in FY23. Meanwhile, cost of materials rose to 24.51% of expenses in FY24 from 22.54% in FY23. Depreciation expenses nearly doubled, contributing 7.1% of FY24 expenses, up from 3.66% in FY23.
CultYvate successfully narrowed its losses by over 64%, reporting a net loss of Rs 89.08 lakh in FY24, down from Rs 2.51 crore in FY23. Its EBITDA margin showed remarkable improvement, reaching -18.88% in FY24 compared to -181.94% in FY23. Similarly, the ROCE improved significantly, standing at -22.32% in FY24 compared to -117.77% in FY23.