Tuesday, July 23, 2024

Arya.ag Raises $29.2M: What’s Next for This Noida Agritech Star?

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Noida-based agritech startup Arya.ag has successfully raised $29.2M (about Rs 242.36 crore) in its latest funding round. The funding was led by existing investors, including Asia Impact and Quona Capital, through Quona Blue Earth and Accion Quona.

Funding Details

Arya’s board passed a special resolution to issue 53,695 CCPS (compulsorily convertible preference shares) at Rs 45,137 each, raising a total of $29.2M. Arya.ag funding round values at around Rs 2,700 crore (approximately $325 million). To date, agritech has raised around $110 million from investors.

Arya’s Operations

Founded in 1982 by Prasanna Rao, Arya.ag is a grain commerce platform that connects agricultural producers (sellers) with buyers. The startup also provides additional services like warehousing and loans to farmers through third-party lenders.

funding indication board

Financial Performance

Unlike many startups, Arya.ag is profitable. In FY23, Arya’s gross revenue grew by 49.48% year-on-year, reaching Rs 290 crore. During the same period, the startup’s profit increased elevenfold to Rs 7.58 crore. For FY24, company reported a net revenue of Rs 360 crore with a net profit of Rs 17 crore.

Agritech latest funding round and its consistent profitability highlight the company’s strong position in the agritech sector. With continued support from investors, Arya.ag is well-positioned to further its mission of connecting agricultural producers with buyers and providing valuable ancillary services to farmers.

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