The cash raised by BigHaat in pre-Series C funding, spearheaded by Ashish Kacholia and RBA Finance, will support its growth plans in crop advisory services and agriculture product distribution
Agritech startup BigHaat has raised $8.4 million in a pre-Series C funding round, with Ashish Kacholia and RBA Finance and Investment Company leading the investment. The funding round also witnessed contributions from VPK Global, Anshul Anil Goel, Advik Tecnocommercial, Amee Shah Mehta, Rupaben Shailesh Mehta, Viren Ajit Joshi, Rohhan Viren Joshi, and Nishchay Goel.
According to the regulatory filings with the Registrar of Companies, the BigHaat board approved a special resolution, issuing 6,186 compulsory convertible preference shares (CCPS) at an issue price of Rs 1,12,366 each, amounting to a total consideration of Rs 69.5 crore, or $8.4 million.
Suresh Agarwal, representing RBA Finance and Investment Company, and Ashish Kacholia jointly spearheaded the funding with an infusion of Rs 30 crore each. VPK Global and Anshul Anil Goel invested Rs 3 crore and Rs 1.5 crore, respectively. A spokesperson from BigHaat revealed that this funding is part of a pre-Series C round, with plans for a larger funding round in the coming months.
BigHaat, an agritech startup, specialises in providing data-led crop advisory services to farmers, aiding them in distribution, marketing, and operations. The platform also serves as a marketplace for agricultural products, offering seeds, pesticides, fertilisers, pumps, tractors, and growth promoters.
Following the allotment of fresh shares, both Ashish Kacholia and RBA Finance and Investment Company acquired approximately 6.4 percent of shares each in the company. JM Financial remains the largest stakeholder in BigHaat, holding over 27 percent of the stakes. BigHaat has raised a total of around $29 million, with a previous funding round of Rs 100 crore led by JM Financial in January 2022, along with support from existing backer Beyond Next Ventures.
The startup has experienced significant growth in recent fiscal years, with gross revenue surging 5.4 times to Rs 643 crore during FY23, compared to Rs 119.7 crore in FY22. However, losses also increased 6.2 times to Rs 35 crore in FY23 from Rs 5.65 crore in FY22.