The British International Investment (BII) and TDK Ventures-led fundraising round for agritech firm Fasal brought in about $12 million (approximately Rs 100 crore).
Navam Capital, Aureolis Ventures, and ITI Growth Opportunities Fund were among the other investors in the round. Participating already-existing investors included The Yield Labs Asia Pacific, Genting Ventures, Omnivore, Wavemaker Partners, and 3one4 Capital.
“With this capital infusion, we plan to expand Fasal’s presence from 75,000 acres to 500,000 acres and enable our technology to deliver more to the farmers by providing them access to sustainable crop inputs, farm-level crop insurance, and working capital at lower interest rates,” said Shailendra Tiwari, founder, and chief executive, Fasal.
With the use of our AI-powered horticultural platform, which provides farm-specific, crop-specific, crop-stage-specific, and actionable recommendations, Fasal has assisted many farmers in lowering cultivation costs while increasing quality and production.
Siddharth Mehta, investment director, TDK Ventures, said, “Meeting the horticulture farmers and learning about their core problems convinced me that Fasal’s full-stack approach of combining sensors and technology with the marketplace offers a strong value proposition of improving farmer earnings and a strong sustainable impact.”
The business, which has its headquarters in Bengaluru, provides patented Internet-of-Things crop intelligence technologies to horticultural farmers across 75,000 acres of land. This is where cardamom, chiles, bananas, apples, grapes, and pomegranates are grown, as reported by The Economic Times.
With its foundation in an IoT-SaaS platform, Fasal is a full-stack platform designed for horticultural farming that offers actionable intelligence at the farm-level, crop-specific, and crop-stage-specific levels to maximise cultivation expenses and improves produce quality and yield.