BigHaat, an agritech startup, has secured $8.4 million in Series C funding, with Ashish Kacholia and RBA Finance and Investment Company co-leading the round. VPK Global, Anshul Anil Goel, Advik Tecnocommercial, Amee Shah Mehta, Rupaben Shailesh Mehta, Viren Ajit Joshi, Rohhan Viren Joshi, and Nishchay Goel also participated in the funding round.
According to regulatory filings with the Registrar of Companies, the board of BigHaat has approved a special resolution to allocate 6,186 Series C compulsory convertible preference shares (CCPS) at a price of INR 1,12,366 per share, totaling INR 69.5 crore or $8.4 million.
The round was co-led by Suresh Agarwal (representing RBA Finance and Investment Company) and Ashish Kacholia, each contributing INR 30 crore. VPK Global invested INR 3 crore, while Anshul Anil Goel contributed INR 1.5 crore.
The remaining amount was contributed by the investors mentioned earlier. According to the startup data intelligence platform TheKredible, the company has been valued at INR 470 crore or $56.5 million. This appears to be an ongoing funding round, with the possibility of raising more funds.
Established in 2015 by Sateesh Nukala and Sachin Nandwana, BigHaat is an agritech startup specializing in data-driven crop advisory services for farmers, along with assistance in distribution, marketing, and operations. Additionally, the company operates a marketplace platform offering a wide range of agricultural products such as seeds, pesticides, fertilizers, pumps, tractors, and growth promoters.
Following the issuance of the new shares, both Ashish Kacholia and RBA Finance and Investment Company secured approximately 6.4% ownership in the company. JM Financial maintains its status as the largest shareholder in BigHaat, holding over 27% of the company’s stakes.
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To date, BigHaat has secured approximately $29 million in funding. In January 2022, the company raised INR 100 crore, with JM Financial leading the round alongside existing investor Beyond Next Ventures.
BigHaat has experienced rapid growth over the past few fiscal years, with its gross revenue increasing by 5.4 times to INR 643 crore in FY23, compared to INR 119.7 crore in FY22. However, its losses also surged, rising by 6.2 times to INR 35 crore in FY23 from INR 5.65 crore in FY22.
As per a report, the homegrown agritech sector is projected to reach a market size of $24 Bn by 2025.
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