Agritech Startup Fasal Raises $12 Million in Series A to Transform Horticulture

Agritech trailblazer Fasal has hit a significant milestone, securing an impressive INR 100 Crores (equivalent to around $12 million) in Series A funding. The funding drive was spearheaded by TDK Ventures and British International Investment (BII), drawing support from a notable lineup including ITI Growth Opportunities Fund, Navam Capital, Aureolis Ventures, and existing backers like 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific.

Founded in 2018 by Shailendra Tiwari and Ananda Verma, Fasal functions as a precision horticulture platform, leveraging AI, crop sciences, and IoT. This platform delivers tailored intelligence at the farm, crop, and crop-stage levels, optimizing the use of resources like water and pesticides to boost overall farm productivity. Fasal's primary objective is to source advanced and traceable produce, thereby simplifying and improving the efficiency of the entire agricultural value chain.

The newly acquired funds will be allocated towards advanced research and development in Fasal's proprietary farm IoT-crop intelligence technology. Additionally, the company aims to create a carbon-negative horticulture value chain. Fasal plans to utilize the fresh capital to expand its B2B brand, Fasal Fresh, and extend its operations in both India and Southeast Asia.

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Fasal Fresh, part of Fasal's business model, sources farm produce to ensure farmers receive the best market rates while optimizing the supply chain. In 2021, the startup raised $4 million in its Pre-Series A funding round led by 3one4 Capital, with participation from Omnivore and Wavemaker Partners.

Shailendra Tiwari expressed the company's strategic goals with the new funding, emphasizing the expansion of Fasal's presence from 75,000 acres to 500,000 acres. The plan is to empower farmers by providing access to sustainable crop inputs, farm-level crop insurance, and working capital at lower interest rates. Fasal also aims to offer buyers sustainably grown, high-quality, and traceable horticulture produce through the strengthening of its B2B brand, Fasal Fresh.

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Tiwari highlighted the transformative potential of Fasal's farm IoT-crop intelligence technology, envisioning a future where data-driven insights reshape agriculture. Ananda Verma emphasized the integration of science, technology, and agriculture, aiming for a seamless blend that propels Fasal into a future where each byte contributes to shaping the domain of farming.

Fasal's successful funding comes at a time when the agricultural sector in India is undergoing a major shift, with agritech startups leveraging new-age technologies to revolutionize traditional farming practices. Investors have shown increasing interest in the sector, evident in the recent funding rounds for startups like Vegrow and Ergos. Fasal's innovative approach positions it well to contribute to the ongoing transformation in India's agri space.

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