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Exclusive: BigHaat, the Agritech Pioneer, Initiates Series C Funding Round


BigHaat, an agritech startup, has secured $8.4 million in its Series C funding round, co-led by Ashish Kacholia and RBA Finance and Investment Company. Noteworthy investors include VPK Global, Anshul Anil Goel, Advik Tecnocommercial, Amee Shah Mehta, Rupaben Shailesh Mehta, Viren Ajit Joshi, Rohhan Viren Joshi, and Nishchay Goel.


According to regulatory filings with the Registrar of Companies, BigHaat's board has approved the issuance of 6,186 Series C compulsory convertible preference shares (CCPS) at an issue price of Rs 1,12,366 each, totaling Rs 69.5 crore or $8.4 million.


Suresh Agarwal, representing RBA Finance and Investment Company, and Ashish Kacholia co-led the round, contributing Rs 30 crore each. VPK Global and Anshul Anil Goel invested Rs 3 crore and Rs 1.5 crore, respectively. The remaining funds came from the investors mentioned earlier.


The startup intelligence platform,values BigHaat at Rs 470 crore or $56.5 million. This Series C funding round appears to be ongoing, with the possibility of additional investments.


BigHaat specializes in providing data-driven crop advisory services to farmers, alongside distribution, marketing, and operational support. Additionally, it operates a marketplace platform offering a range of agricultural products, including seeds, pesticides, fertilizers, pumps, tractors, and growth promoters.


Following the issuance of fresh shares, both Ashish Kacholia and RBA Finance and Investment Company have acquired approximately 6.4% ownership in BigHaat. JM Financial remains the largest stakeholder, holding over 27% of the company's shares. For detailed information on the cap table and financial performance.


Having raised a total of approximately $29 million to date, BigHaat previously secured Rs 100 crore in January 2022, led by JM Financial and existing investor Beyond Next Ventures.


BigHaat has demonstrated rapid growth in recent fiscal years, with gross revenue surging by 5.4 times to Rs 643 crore in FY23 from Rs 119.7 crore in FY22. However, losses also increased significantly, rising 6.2 times to Rs 35 crore in FY23 from Rs 5.65 crore in FY22.


 

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