Bengaluru-based agritech firm Fasal registered 3.4X rise in its scale to Rs 18.8 crore in FY23. Revenue from operations contributed over Rs 18 crore the same year, a 4.2X growth from the preceding fiscal year.
Previously, in FY22, the company’s revenue stood at Rs 5.4 crore while operations contributed over Rs 4 crore.
The Ananda Verma founded company is a full stack platform for horticulture anchored on an IoT-SaaS platform that provides farm level, crop specific and crop stage specific actionable intelligence to optimize cultivation costs, increase yield and the quality of the yield.
The company offers micro-climatic forecasts, farm finance management, precise irrigation recommendations, and disease and pest warnings.
The six-year-old company has raised over Rs 150 crore through 5 fundraises. It last raised Rs 100 crore in a Series A round led by TDK Ventures and British International Investment late last year.
Ananda Prakash Verma and Omnivore are the company’s major shareholders with more than 14% shares. Wavemaker Partners and Shailendra Tiwari also hold significant shares.
A year prior, it raised over Rs 8 crore in a per-series A round led by Omnivore.
Employee benefits was the major expense of the firm in FY23 spending over 34% of the overall expenditure for the fiscal.
While cost of materials took up more than 34%, advertisement and promotional costs contributed a little over 6%.
The overall expenses rose 2.8X to Rs 51.7 crore in the financial year ending March 2023 from the preceding year’s Rs 18.7 crore.
The company’s losses amounted to Rs 32.9 crore, a 2.5X increase from Rs 13.2 crore. Its current EBITDA and ROCE stand at -167.93% and -189.47% respectively.