AI based agritech startup Verdant Impact’s top scale zoomed To Rs 7.25 crore in the fiscal year ending March 2023 with the entirety of the amount coming in from operations. This was a massive 9.4X spike as compared to its preceding fiscal’s Rs 97 lakhs revenue generated.
Headquartered in Jaipur, Verdant Impact offers AI-based management solutions for the livestock farming industry, including digital livestock healthcare, RFID animal identification, quality certification, and supply chain solutions.
The Maya Zeph, Manish K. Prahlad, and Navneet Kumar founded firm also provides services like climate-smart farming tools, sustainable livestock management, and market intelligence. It additionally also offers finance, accounting, and IoT integration tools.
The four-year-old startup’s major expense for FY23 was the cost of materials. The section contributed over 90% to the overall expenditure of the company. Employee benefits and depreciation amounted to a little over 1% and about 1% each respectively.
Its overall expenses for the fiscal widened 9.1X to Rs 7.25 crore as compared to FY22’s Rs 80 lakhs.
Verdant Impact secured Rs 1 crore in its maiden funding round held in 2023. The round was led by IIIT Hyderabad.
Post the fundraise, founder Manish Kumar Meena became the largest shareholder, while Maya Meena and Navneet Meena held close to 10% and over 1% respectively.
The agritech moved on to profits of Rs 1.17 lakhs in FY23 as compared to the previous two years of losses. Its current EBITDA margin and ROCE stand at 0.77% and -9.77% respectively.