Unnati Agri, a startup specializing in agriculture supply chain and financial services, recently secured INR 28.5 crore in funding. The investment was primarily led by the family office of IPL Biologicals, with additional participation from existing investors such as Incofin Investment Management, Nabventure, and Orios.
According to a press release by Unnati Agri, the funds raised will be utilized to prioritize the development of sustainable and climate-ready products. Additionally, the company plans to expand its product line through a joint go-to-market arrangement with IPL Biologicals.
In November 2021, Unnati Agri successfully raised $8 million in its Series A funding round. The round was co-led by Incofin Investment Management, Nabventure, and Orios.
Unnati Agri, established in 2017 by Amit Sinha and Ashok Prasad, former Paytm Mall chief operating officer, is a fintech-based agricultural platform. The company offers a range of services, including pre and post-harvest solutions, working credit lines, and more. Through Unnati, farmers have the opportunity to procure agricultural inputs and equipment, as well as directly sell their produce to affiliated food processors and agribusinesses.
Unnati Agri has a strong commitment to mitigating risks in agriculture through the utilization of its technology. By leveraging their innovative solutions, the company aims to enhance farm productivity while also addressing the risks associated with climate change. Unnati Agri strives to support sustainable farming practices and contribute to a more resilient agricultural sector.
With the objective of serving 5 million farmers, Unnati is actively working on expanding its network to reach a broader audience. Currently, the company boasts a strong presence, serving over 1.2 million farmers through its extensive network of over 75,000 stores. Unnati aims to strengthen its reach and impact by connecting with more farmers and providing them with its services and support.
Unnati witnessed impressive growth in the fiscal year FY23, with its revenue surging by 150% to reach INR 398 crore. The company demonstrated effective expense management, as its losses increased by only 29% to INR 12 crore during the preceding fiscal year. Unnati faces competition from other players in the market, such as B2B marketplace and retail platform Jumbotail, which achieved revenue close to INR 380 crore, and AgroStar, backed by HeroMotoCorp, which surpassed INR 250 crore in revenue in FY22.
