Hydroponic farming startup Nutrifresh reported robust revenue growth of 64% in FY24, reaching Rs 100.56 crore, up from Rs 61.25 crore in FY23. Revenue from operations amounted to Rs 96.82 crore in FY24, contributing over 96% to the total revenue, down from over 99% in FY23.
Founded in 2019 and headquartered in Pune, Nutrifresh is revolutionizing India’s agriculture sector with its advanced hydroponic farming techniques, producing fresh, residue-free, and pesticide-free vegetables. By leveraging technology, the company delivers nutrient-rich produce directly to customers via its e-commerce platform and supplies over 100 B2B clients, including Nature’s Basket, Big Basket, McDonald’s, Swiggy, and Reliance Fresh.
Co-founders Ganesh Nikam and Sanket Mehta spearhead the venture, which has raised Rs 38.77 crore across two funding rounds, with the latest in July 2023. The shareholding structure includes Ganesh Nikam (28.38%), Sanket Mehta (28.38%), GFC Nutrifresh (1.64%), and Goshar Infra Projects (5.28%).
Expenses grew by 51.3% to Rs 90.56 crore in FY24, compared to Rs 59.88 crore in FY23. Key cost components included material costs (61.84% of expenses), employee benefits (7.10%), depreciation (9.33%), finance costs (3.92%), and advertisements (0.23%).
Profitability improved significantly, with profits surging over 6x to Rs 8.95 crore in FY24 from Rs 1.36 crore in FY23. EBITDA margin rose to 21.87% in FY24, up from 15.73% in FY23, reflecting improved cost efficiency and operational performance. ROCE also saw growth, increasing to 6.72% in FY24 from 4.88% in FY23.
Nutrifresh’s focus on sustainable and tech-driven farming has not only positioned it as one of India’s leading hydroponic farms but also as a key player in the agritech sector, driving innovation and transforming the fresh produce supply chain.