BharatRohan, a Gurugram-based agritech startup, has raised $2.3 million (INR 19.2 crore) from Villgro Innovation Foundation, Caspian, RevX, and Venture Garage as part of a pre-IPO round.
The startup is gearing up for an IPO on the BSE SME Platform in the coming months, with additional details about the public listing to be disclosed shortly.
Combining both debt and equity funding, this round brings the total funds raised by the startup to INR 25 crore.
The startup will utilize the funding to primarily focus on developing proprietary edge computing drones specifically for precision farming, crop monitoring, and pesticide applications. These drones will then be made available to rural entrepreneurs through franchise-based models.
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Furthermore, the startup intends to design and produce compact hyperspectral and multispectral sensors for drones.
Established in 2016 by Rishabh Choudhary and Amandeep Panwar, BharatRohan asserts its collaboration with 50,000 farmers across five states, covering 2 Lakh acres, through its drone-based decision support system (DSS) known as BharatRohan CropAssure.
The startup empowers farmers with real-time, data-driven insights, enabling them to make more informed decisions, optimize resources, and enhance the resilience of their crops against climate change and unpredictable weather patterns.
BharatRohan experienced a nearly 200% surge in profits compared to the previous fiscal year, as operating revenue rose to INR 6.47 crore for the year ended March 31, 2023, up from INR 2.11 crore for the year ended March 31, 2022.
Its goal is to broaden its operations and offerings across 15 Indian states, encompassing 10 lakh acres by 2025.
The drone technology sector is experiencing rapid growth in India, poised to influence industries such as manufacturing, agriculture, and defense. The increasing adoption and demand for drones have spurred the emergence of numerous Indian startups in this field over the last decade.
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As per reports, the Indian drone market is predicted to reach a size of $13 billion by 2030, up from $2.71 billion in 2022.
Among the 200 existing drone tech startups, notable names include Garuda Aerospace, Marut Drones, BonV Aero, Skylark Drones, Skye Air Mobility, and Preimage. Additionally, two drone tech startups, ideaForge and DroneAcharya Aerial Innovations, have successfully listed on the exchanges.
DroneAcharya was listed on the BSE SME Platform in December 2022, while ideaForge was listed on the main board of the Bombay Stock Exchange in July 2023.
In addition to offering farmers technology solutions for farm monitoring, the company also delivers residue-free farm produce to retailers. This produce is cultivated using integrated pest management (IPM) practices by farmers who utilize the BharatRohan CropAssure services.
The startup stated its goal of exporting pesticide residue-free farm produce worldwide, thereby extending opportunities for Indian farmers on a global scale.
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