Agribusiness startup Unnati Agri has raised Rs 28.5 crore in funding, with the family office of IPL Biologicals serving as the main investor. Existing investors Incofin Investment Management, Nabventure, and Orios participated in the round as well.
According to a press release from Unnati Agri, the money will be used to expand its product line, focus on environmentally friendly and climate-ready products, and go to market jointly with IPL Biologicals.
In its Series A round, co-led by Incofin Investment Management, Nabventure, and Orios in November 2021, Unnati Agri had previously raised $8 million.
Amit Sinha, a former Paytm Mall chief operating officer, and Ashok Prasad founded Unnati Agri, which calls itself a “fintech-based agri platform,” in 2017. Among its offerings are working creditlines, pre-and post-harvest services, and others. On Unnati, farmers can also buy agricultural supplies and sell their produce directly to affiliated agribusinesses and food processors.
Unnati Agri claims that it is dedicated to reducing risks in agriculture through the use of technology that will ultimately help improve farm productivity, mitigate risks related to climate change, and promote more sustainable farming.
With a goal of serving 5 million farmers, Unnati wants to become stronger by enlarging its network. Through its network of more than 75,000 stores, it asserts to serve more than 1.2 million farmers.
Unnati’s revenue for the fiscal year FY23 increased by 150% to Rs 398 crore. The business was able to keep costs under control, and in the previous fiscal year, losses only increased by 29% to Rs 12 crore. Jumbotail, a B2B marketplace and retail platform with revenues close to Rs 380 crore, and HeroMotoCorp-backed.
