Agritech startup Fasal said it is raising Rs 100 crore in a Series A funding round led by TDK Ventures and British International Investment (BII).
The round also saw participation from ITI Growth Opportunities Fund, Navam Capital, and Aureolis Ventures. Existing investors, including 3one4 Capital, Omnivore, and others, also joined the round.
Focused on expansion
Prior to this round, the startup raised $4 million in its pre-Series A round led by 3one4 Capital. In 2019, It raised its first funding round of $1.6 million, led by Omnivore and Wavemarket Partners.
While Fasal is focused on expanding its presence in India and Southeast Asia, CEO Shailendra Tiwari said the company also looking to expand from 75,000 acres to 500,000 acres and deliver more to farmers by providing them access to sustainable crop inputs, farm-level crop insurance, and working capital at lower interest rates
“We are delighted to welcome our new investors to the Fasal Family, with TDK Ventures and British International Investments (BII) co-leading this round. Their participation strongly validates the depth of innovation in our patented IoT-crop intelligence technology and its impact on making the horticulture value chain resilient to climate change and carbon-negative. We extend our gratitude to our existing investors for their unwavering faith and support as we reform the horticulture ecosystem,” Tiwari said.
What does Fasal do?
Founded in 2018 by Shailendra Tiwari and Ananda Verma, The startup uses AI, crop sciences, and IOT to provide crop-stage-specific intelligence and enable resource optimization (water, pesticides, etc) and higher farm productivity.
The startup claims to have worked with horticulture farmers spanning more than 75,000+ acres growing crops like grapes, pomegranates, bananas, apples, chilli, cardamom, etc. by enabling them to grow more and grow better with its patented IoT-crop intelligence technology.
Its B2B brand, Fasal Fresh, is pivotal in procuring sustainably grown, traceable produce, enhancing the value chain from farm to market.
What did investors say about Fasal?
“Providing climate finance is a core part of BII’s strategy in India and Southeast Asia. By supporting the development of Fasal’s climate-smart solutions, we will be able to reach more smallholder horticulture farmers, helping them become more resilient to the impact of climate change which is greatly affecting the agriculture sector. We are impressed by how Fasal has contributed to water conservation and greenhouse gas reduction, as this will ultimately help achieve our planet’s sustainability goals,” said Srini Nagarajan, managing director, and Head of Asia for BII.
Join our new WhatsApp Channel for the latest startup news updates
