Today: Jun 14, 2024

Fasal’s Series A funding soars with INR 100 Crores secured!

6 months ago

Agritech startup Fasal has raised INR 100 crores in its Series A funding round. The funding was led by TDK Ventures and British International Investment (BII), with contributions from other investors such as ITI Growth Opportunities Fund and Navam Capital. Fasal plans to use the funds to advance research and development in its farm IoT-crop intelligence technology and to develop advanced cross-industry data products for carbon-negative horticulture. It also aims to expand its business in India and Southeast Asia and diversify its B2B brand, Fasal Fresh.

The founder/CEO of Fasal, Shailendra Tiwari, expressed his gratitude to the new investors and highlighted the impact of the startup’s technology on the horticulture value chain. Tiwari stated that with the capital infusion, Fasal plans to expand its presence from 75,000 acres to 500,000 acres and provide farmers with access to sustainable crop inputs, farm-level crop insurance, and working capital at lower interest rates. The startup also aims to provide buyers with sustainable and traceable horticulture produce through its B2B brand, Fasal Fresh.

Ananda Verma, Founder of Fasal, spoke about the technological revolution in horticulture that the funding will enable. Verma emphasized the role of data-driven technology in reshaping the farming landscape and highlighted the investment as a catalyst for a technological metamorphosis in agriculture.

The participation of British International Investment (BII) highlights the role of climate-smart solutions in empowering horticulture farmers to tackle the adverse impacts of climate change. Srini Nagarajan, Managing Director and Head of Asia for BII, highlighted Fasal’s contribution to water conservation and greenhouse gas reduction.

TDK Ventures, another investor in the funding round, praised Fasal’s full-stack approach and its value proposition of improving farmer earnings and sustainability. Siddharth Mehta, Investment Director of TDK Ventures, expressed pleasure in supporting Fasal’s journey and highlighted the potential for a positive change in society.

Fasal has worked with horticulture farmers across more than 75,000 acres of farmland, enabling them to grow more and improve crop quality with its IoT-crop intelligence technology. The technology has helped reduce water consumption, pesticide use, and greenhouse gas emissions while increasing yields and quality by up to 30%.