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BigHaat: Cultivating Growth in Agritech with Record Revenue Surge and Strategic Investments

BigHaat, an agritech startup, has showcased remarkable growth in the fiscal year ending March 2023, with its gross revenue reaching nearly Rs 700 crore. However, this expansion came hand in hand with a similar increase in losses, reflecting the challenges of rapid scaling in the competitive agritech sector.

Founded in 2015, BigHaat utilizes technology to offer farmers a diverse array of solutions and services aimed at optimizing agricultural practices and enhancing productivity.

According to its consolidated financial statements filed with the Registrar of Companies, BigHaat witnessed a striking 5.3-fold surge in gross revenue, climbing from Rs 120 crore in FY22 to Rs 643 crore in FY23.

As the company scaled up its operations, its procurement costs emerged as the largest expenditure, constituting 92.5% of the total expenditure. This expense ballooned by 5.4 times to Rs 623 crore in FY23 from Rs 115 crore in FY22.

Various other expenses, including employee benefits, selling cum distribution, legal-professional, information technology, fulfillment, and overheads, contributed to a total expenditure of Rs 673 crore in FY23, up from Rs 128 crore in FY22.

Consequently, the surge in procurement and employee benefits led to a significant increase in losses, soaring 5.8 times to Rs 35 crore in FY23 from Rs 6 crore in FY22. Despite these challenges, BigHaat remains optimistic about its future prospects.

Having raised $29 million to date and achieved a valuation of $58 million in its last funding round, BigHaat boasts notable stakeholders, including JM Financial, Ankur Capital, and Beyond Next Ventures. Its co-founders, Sateesh Nukala and Sachin Nandwana, collectively hold a 23.29% stake in the company.

While the financial figures may suggest a focus on trading and arbitrage, BigHaat's demonstrated ability and expertise position it as an intriguing player in the agritech arena. As the company continues to evolve, its journey promises to be one worth following closely.


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