Agritech startup Fasal raises Rs 100 cr from investors to expand business
The company announced raising Rs 100 crore in its series-A funding round led by TDK Ventures and British International Investment (BII).
Agritech startup Fasal, which is into precision horticulture, on Friday said it has raised Rs 100 crore from investors to expand its business.
Founded in 2018, Fasal leverages AI, crop sciences, and Internet of Things (IOT) to provide farm-level, crop-specific and crop-stage-specific intelligence, enabling resource optimisation and higher farm productivity. It also procures high-quality, traceable produce for an end-to-end optimised value chain play.
In a statement, the company announced raising Rs 100 crore in its series-A funding round led by TDK Ventures and British International Investment (BII), with contributions from the ITI Growth Opportunities Fund, Navam Capital and Aureolis Ventures.
The round also saw participation from all existing investors, including 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific.
Fasal plans to “allocate the funds to advance research and development, accentuating innovation in their proprietary farm IoT-crop intelligence technology and the development of advanced cross-industry data products to foster a carbon-negative horticulture value chain,” the statement said.
It will utilise the funds for business expansion in India and Southeast Asia.
“The company aims to expand and diversify its B2B brand, Fasal Fresh, procuring sustainably grown, fully traceable, and high-quality produce from its extensive network of growers covering 75,000+ acres of farmland,” the statement said.
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First Published: Dec 22 2023 | 5:16 PM IST