Agritech start-up Fasal raises Rs 100 crore to expand ‘Fasal Fresh’
Agricultural technology startup Fasal has successfully secured Series A funding totaling Rs 100 Crore ($12 million), with prominent backing from TDK Ventures and British International Investment (BII). Notable participation in this funding round also came from ITI Growth Opportunities Fund, Navam Capital, and Aureolis Ventures, as well as continued support from existing investors such as 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific.
Fasal intends to utilize the newly acquired capital to amplify the growth of its B2B brand, Fasal Fresh, while extending its operations into both India and Southeast Asia. Additionally, the funds will be directed towards advancing research and development efforts in the company’s proprietary farm IoT-crop intelligence technology, as well as the creation of a carbon-negative horticulture value chain.
Established in 2018 by Shailendra Tiwari and Ananda Verma, Fasal operates as a precision horticulture platform that harnesses the power of AI, crop sciences, and IoT to deliver farm-specific intelligence at different crop stages. This intelligence facilitates resource optimization, including water and pesticide usage, leading to increased farm productivity and the procurement of high-quality, traceable produce for an optimized end-to-end value chain.
Fasal’s Fasal Fresh initiative focuses on procuring farm produce to secure competitive market rates for farmers, while simultaneously optimizing the supply chain. Notably, the startup had previously raised $4 million in its Pre-Series A funding round in 2021, led by 3one4 Capital and featuring participation from Omnivore and Wavemaker Partners.
The agricultural technology sector in India is experiencing robust growth, with startups actively contributing to the transformation of the agricultural landscape. The recent closure of Vegrow’s Series C funding round, totaling $46 million in a combination of primary and secondary infusions, further highlights the strength of fund inflows in this sector.
Shailendra Tiwari said, “With this capital infusion, we plan to expand Fasal’s presence from 75,000 acres to 500,000 acres and enable our technology to deliver more to our farmers by providing them access to sustainable crop inputs, farm-level crop insurance, and working capital at lower interest rates. We will provide our buyers with sustainably grown, high quality, and traceable horticulture produce by further diversifying and strengthening our B2B brand ‘Fasal Fresh’.”
Ananda Verma opines, “These funds will amplify our exclusive farm IoT-Crop intelligence technology, reshaping the farming landscape. We envision a data-driven behavioral change where each byte contributes to sculpting the future of agriculture. From predicting optimal harvest times to establishing a sustainable, traceable supply chain, this investment propels us into a future where science, technology, and agriculture seamlessly intertwine.”
