Bengaluru-based agritech company Deep Rooted’s scale ballooned to touch Rs 81.4 crore in the fiscal year ending March 2023. This was an 82% rise from the preceding fiscal’s Rs 44 crore.
The firm’s revenue from operations witnessed a similar spike to Rs 81 crore the same year. operations contributed over 99% to the cumulative revenue.
The six year old firm last raised its Series B round of over Rs 99 crore led by Ivycap Ventures in 2022. Post the fundraise, Accel India became the largest shareholder. IvyCap Ventures and Omnivore Partners owns over 15% and 8% respectively.
Two years prior to this, it raised a debt financing round led by Milestone Trusteeship.
The same financial year, Deep Rooted’s expenditure rose 79% to touch Rs 129 crore from FY22’s Rs 72 crore. While employee benefits contributed over 20% to this, promotional costs and distribution charges put in over 13% and close to 6% respectively.
The Arvind Murali, Avinash B R, and Santosh Narasipura led company helps to create a network of meticulously managed farms that cater to the ever-growing demand for perishable fruits and vegetables.
It provides over 200 varieties of fruits and vegetables sourced from farmers to urban consumers. It, additionally, encourages farming to small-time landholders.
As for losses, it spiked over 71% to Rs 47 crore in FY23. Its current EBITDA and ROCE stand at -56.60% and -81.63% respectively. It previously had losses amounting to Rs 27 crore in FY22.