Agritech Startup BigHaat Initiates Series C Funding Round
Three points you will get to know in this article:
- BigHaat secured $8.4 million in Series C funding, led by Ashish Kacholia and RBA Finance.
- The Agritech venture offers data-driven counsel to farmers and operates a marketplace for agricultural products.
- Despite impressive revenue growth, BigHaat saw substantial increases in losses over the past fiscal years.
A pioneering Agritech venture, BigHaat, has recently secured a substantial $8.4 million in Series C funding. This investment round, jointly spearheaded by the esteemed Ashish Kacholia and RBA Finance and Investment Company, underscores a significant stride in BigHaat’s growth trajectory. Notably, the infusion of capital also witnessed enthusiastic participation from key contributors including VPK Global, Anshul Anil Goel, Advik Tecnocommercial, Amee Shah Mehta, Rupaben Shailesh Mehta, Viren Ajit Joshi, Rohhan Viren Joshi, and Nishchay Goel.
Details of the Series C Investment and Share Allocation
In accordance with regulatory filings submitted to the Registrar of Companies, BigHaat’s board has approved a special resolution, facilitating the issuance of 6,186 Series C compulsory convertible preference shares (CCPS). These shares have been allocated at an issue price of Rs 1,12,366 each, aggregating to a noteworthy consideration of Rs 69.5 crore, equivalent to $8.4 million.
The financing round was jointly spearheaded by Suresh Agarwal, representing RBA Finance and Investment Company, and the accomplished investor Ashish Kacholia, with both injecting Rs 30 crore each into the venture. Additionally, VPK Global and Anshul Anil Goel contributed Rs 3 crore and Rs 1.5 crore, respectively, further fortifying BigHaat’s position in the Agritech domain.
The initial backers highlighted at the outset of the tale contributed to the remaining sum. As per insights from TheKredible, a platform specializing in startup data analysis, BigHaat has been appraised at Rs 470 crore or $56.5 million. It appears that this funding cycle is ongoing, possibly leading to additional investment.
BigHaat stands as an agritech venture, offering farmers data-driven counsel on crops and aiding them in areas such as distribution, marketing, and operations. Additionally, the company operates a marketplace where agricultural necessities like seeds, pesticides, fertilizers, pumps, tractors, and growth boosters are available.
Following the issuance of new shares, Ashish Kacholia and RBA Finance and Investment Company have each secured approximately 6.4% ownership in the firm. JM Financial retains its position as the principal investor in BigHaat, holding over 27% of the company’s shares.
Overview of BigHaat’s Growth Trajectory and Financial Performance
BigHaat has successfully secured approximately $29 million in funding thus far. The latest boost came in January 2022, with a notable Rs 100 crore investment led by JM Financial, joined by longstanding supporter Beyond Next Ventures.
Over the past few fiscal years, BigHaat has been on an impressive growth trajectory. Its gross revenue surged by a staggering 5.4 times, reaching Rs 643 crore during FY23, a significant leap from Rs 119.7 crore recorded in FY22. However, alongside this growth, its losses also increased substantially, rising by 6.2 times to Rs 35 crore in FY23 from Rs 5.65 crore in FY22.
BigHaat, a pioneering Agritech venture, recently secured $8.4 million in Series C funding, jointly spearheaded by Ashish Kacholia and RBA Finance and Investment Company. Notable contributors included VPK Global and Anshul Anil Goel. With a current valuation of Rs 470 crore, BigHaat provides data-driven counsel to farmers and operates a marketplace for agricultural necessities. Ashish Kacholia and RBA Finance now each hold approximately 6.4% ownership in the company. Having secured $29 million in funding, BigHaat’s impressive growth saw its FY23 revenue surge to Rs 643 crore despite increased losses.
