Agritech startup Fasal raises $12 million of funds, led by TDK Ventures & British International Investment (BII)
Agritech startup Fasal announced on Friday a fund raising of about $12 million (around Rs 100 crore), which was led by TDK Ventures and British International Investment (BII). Other investors including ITI Growth Opportunities Fund, Navam Capital, and Aureolis Ventures and existing investors like 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific also participated in the current round, the company said
image for illustrative purpose
Bengaluru, 22 December: Agritech startup Fasal announced on Friday a fund raising of about $12 million (around Rs 100 crore), which was led by TDK Ventures and British International Investment (BII). Other investors including ITI Growth Opportunities Fund, Navam Capital, and Aureolis Ventures and existing investors like 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific also participated in the current round, the company said.
“With this capital infusion, we plan to expand Fasal’s presence from 75,000 acres to 500,000 acres and enable our technology to deliver more to the farmers by providing them access to sustainable crop inputs, farm-level crop insurance, and working capital at lower interest rates,” Shailendra Tiwari, Founder, and chief executive of Fasal said.
The Bengaluru-headquartered agri-startup works with horticulture farmers. It provides farmers’ with patented Internet-of-Things-crop intelligence technology, which is currently being used over 75,000 acres of land. Farmers use this technology application for growing grapes, pomegranates, bananas, apples, chili, and cardamom.
According to the company, through leveraging its technology applications, farmers on its network have reduced irrigation water consumption by 82.8 billion litres, pesticide reduction by 127,426 kilograms, curbed greenhouse gas emissions by 54,965 metric tons, and increased yields and quality by up to 30 per cent.
“Meeting the horticulture farmers and learning about their core problems convinced me that Fasal’s full-stack approach of combining sensors and technology with the marketplace offers a strong value proposition of improving farmer earnings and a strong sustainable impact,” Siddharth Mehta, investment director of TDK Ventures said.
Fasal has built capabilities to go deeper into the supply chain with ‘Fasal Fresh,’ its business-to-business marketplace which connects farmers to consumers through retailers and wholesalers.
Indian startup is going through a harsh funding winter with recorded fund raise of about $7.05 billion till November of this year, down 71 per cent from $24.36 billion in 2022.
