Agritech startup Fasal raises $ 4 million led by 3one4 Capital
Fasal, an agro-tech start-up focused on precision agriculture, raised $ 4 million (roughly Rs.29.6 crore) in a pre-Series A funding round led by 3one4 Capital, announced Monday the company in a press release.
The cycle also saw the participation of existing investors Omnivore and Wavemaker Partners. Other investors include Genting Ventures (Malaysia), The Yield Lab Asia-Pacific, Antares Investments and Sandeep Singhal of Nexus.
Fasal, operated by Wolkus Technology Solutions Pvt. Ltd, said it would use the funds to expand its business in India and Southeast Asia, strengthen its comprehensive services and increase the recruitment of its sales and marketing, agronomy and technology teams, according to the report. communicated.
Launched in 2018 by Ananda Prakash Verma and Shailendra Tiwari, Fasal is an artificial intelligence (AI) -based IoT-SaaS platform for horticulture. It captures real-time data on growing conditions from on-farm sensors and provides farm-specific, actionable advice to farmers via mobiles in vernacular languages.
The platform said it is also working on a range of new services, including links between fruit and vegetable markets and parametric crop insurance. To date, the startup says it has helped save over 9 billion liters of irrigation water, cut pesticide spending by around 60%, and increase yields on more than 40,000 acres of farmland.
Verma, an alumnus of IIIT-Bangalore, previously started tech media startup Fossbytes. Tiwari is an alumnus of the National Institute of Fashion Technology (NIFT). Both are from Uttar Pradesh, where their families are farming.
“As government policies evolve to support stronger and more open supply chains, there has never been a greater incentive for horticulturalists to grow more and better. Fasal’s comprehensive offerings will fuel a rapid transition of Indian horticultural agriculture from legacy gut-based operations to profitable knowledge-based businesses, ”Verma and Tiwari said in a joint statement.
Fasal currently operates in Maharashtra, Karnataka, Chhattisgarh, Madhya Pradesh, Tamil Nadu, Andhra Pradesh and other markets. Some horticultural value chains where Fasal currently works include grapes, pomegranate, mango, citrus, tea, coffee and chili.
“The added value is clear, as evidenced by the 10-100% growth in farmers’ profits, depending on the crop,” Gavin Lee, general partner at Wavemaker Partners, said in the statement.
Fasal’s fundraiser comes at a time when a host of agriculture-focused tech startups have attracted funding from investors.
In July, agro-tech startup Crofarm Agriproducts raised $ 10.2 million as part of its Series A funding round for its community group purchasing platform Otipy. That same month, Vegrow raised $ 13 million (Rs 97 crore) as part of its Series A from Lightspeed Venture Partners and Elevation Capital.
FarMart is one of several startups in the larger agri-tech segment to leverage funding from strategic players and investors. This year, venture capital funds have already injected $ 234 million into 32 agrotech startups until September.
Over the past year, DeHaat, Jai Kisan, AgNext, WayCool, and Animall have raised a total of $ 115.95 million. Last month, business-to-business agricultural trading platform SuperZop raised $ 4 million (Rs 29.6 crore) and Crofarm. Agriproducts has raised $ 10.2 million (Rs 76 crores) in a Series A funding round.