Fasal’s net loss jumped 6% to INR 34 Cr in the year ended March 2024 from INR 32 Cr in FY23
Total expenses rose rose 34.6% to INR 69.5 Cr in FY24 from INR 51.6 Cr in FY23
Founded in 2018, Fasal leverages AI and IoT to provide crop-specific intelligence for resource optimisation and helping farmers increase productivity
Agritech startup Fasal’s operating revenue nearly doubled during the financial year ended March 2024. The startup’s revenue from operations grew 89% to INR 34.1 Cr in the financial year 2023-24 (FY24) from INR 18 Cr in FY23.
Founded by Shailendra Tiwari and Ananda Verma in 2018, Fasal
is a precision horticulture platform that leverages AI, crop sciences and IoT to provide farm-level, crop-specific and crop-stage-specific intelligence to enable resource optimisation (water, pesticides, etc) and higher farm productivity. It also claims to procure high quality, traceable produce for an end-to-end optimised value chain play.
The startup earns revenue from sale of IoT devices and components and agricultural goods. Besides, it also earns revenue from sale of services through software subscription charges.
According to its annual financial statements filed with the Registrar of Companies (RoC), Fasal earned over 90% of its revenue through the sale of agricultural goods, specifically fruits. Revenue from sale of fruits surged 126.5% to INR 30.8 Cr in FY24 from INR 13.6 Cr in FY23.
Meanwhile, revenue from sale of IoT devices and components declined to INR 2.1 Cr during the year under review from INR 3.5 Cr in FY23. Revenue from services was almost flat at INR 1.1 Cr.
Including other income, Fasal’s total revenue grew nearly 90% to INR 35.5 Cr in FY24 from INR 18.8 Cr in the previous fiscal year.
The startup’s loss increased 6% to INR 34 Cr during the year under review from INR 32 Cr in FY23.
Where Did Fasal Spend?
Fasal managed to control its total expenses during the year relative to the increase in revenue. Its expenditure rose 34.6% to INR 69.5 Cr in FY24 from INR 51.6 Cr in FY23.
Purchase Of Stock In Trade: The startup’s biggest expense was the purchase of stock in trade. It spent INR 30.8 Cr under this head in FY24, an increase of 51.7% from INR 20.3 Cr in the previous year.
Employee Expenses: Employee benefit costs increased 11% to INR 20 Cr in FY24 from INR 18 Cr in FY23.
Advertising & Business Promotion: The startup decreased its expenses under this head by 22% to INR 2.4 Cr from INR 3.1 Cr in FY23.
Travelling & Conveyance: Expenditure under this head was unchanged at INR 2.7 Cr.
Legal & Professional Charges: Spending under this head decreased 42.3% to INR 1.5 Cr in FY24 from INR 2.6 Cr in FY23.
Fasal competes with players such as CropIn, Gramophone, DeHaat, Vegrow, and Ergos in the country’s burgeoning agritech sector.
It has bagged around $16 Mn in funding till date. Last December, it raised Series A funding of INR 100 Cr ($12 Mn), led by TDK Ventures and British International Investment (BII).
In 2021, the startup raised $4 Mn in its pre-Series A funding round led by 3one4 Capital with participation from Omnivore and Wavemaker Partners.
